CHARLOTTE — NASCAR champion — and Lincoln County resident — Kyle Busch and his wife, Samantha, claim they lost more than $8 million in — what they’re calling — a life insurance scheme. They sued three defendants, including Pacific Life.

“Planning for our future and, unfortunately, ours did not go well,” Kyle said in a social media video the couple posted. “We tried to do what we thought was best for our family,” Samantha added in the video.

They say an agent sold them life insurance through Pacific Life. They claim the agent “failed to reveal the true risks,” that it was a “high-risk product, a “fundamentally flawed plan.” They say the agent promised they’d pay a certain number of premiums and then the policy would be “fully funded,” be “self-sustaining,” and generate “tax-free income for retirement.”

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There are different kinds of life insurance. You’ve probably heard words like term, variable, whole, and universal. The Busches say they bought — what’s called — ‘indexed’ universal life insurance (IUL). IUL is legitimate, but generally very complex and riskier. It’s based on the market, so stocks and bonds. You could do very well for yourself or not. There’s no guarantee.

Now, Pacific Life has filed a motion to dismiss. They argue a number of things in their motion, including:

• Pacific Life wasn’t vicariously or otherwise responsible for the insurance agent’s actions.
• Pacific Life didn’t have a fiduciary relationship with the Busches.
• The Busches waited too long to sue for most of their claims, that the statutes of limitations ranged from three-four years depending on the claim. Pacific Life argues only one Unfair and Deceptive Trade Practices claim met the deadline.
• The insurance agent didn’t mislead the Busches about facts. Legally, if you accuse someone of fraud, you have to prove they lied about facts. Opinions or puffery don’t count.
• Legally, if you accuse someone of fraud, you have to be specific: the who, what, when, where, why, and how. The Busches’ lawsuit doesn’t do that. Two examples: that it “lumps” all the defendants together and doesn’t give “precise dates” about who allegedly misled the couple.

The Busches’ response to this motion is due in a month or so.

Action 9 attorney Jason Stoogenke reminds you there are a lot of life insurance policies out there. You’ve probably heard words like term, variable, whole, and universal. So:

• Ask questions.
• Shop around before committing to one.
• Stoogenke and other consumer advisors — like Clark Howard and Dave Ramsey — suggest keeping insurance and investments separate.
• If you run into problems, reach out to your state’s department of insurance and/or a lawyer.

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