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ELLEN JEAN FELMLEE

ELLEN JEAN FELMLEE is currently employed as a Broker and/or Investment Adviser at CETERA INVESTMENT SERVICES LLC located at 735 11TH STREET EAST, GLENCOE, MN, 55336.

ELLEN JEAN FELMLEE has worked at CETERA INVESTMENT SERVICES LLC since February 05, 2009

Disclosure History

ELLEN JEAN FELMLEE has 1 Disclosure Event(s).

Date: November 18, 2010
Category: Customer Dispute
Allegations: 4/06; THE CLIENT PURCHASED THE REPLACEMENT VARIABLE LIFE INSURANCE POLICY IN APRIL 2006. HE STATES HE DID NOT WANT TO MAKE ONGOING PAYMENTS. HE STATES HE DID NOT HAVE TO MAKE ONGOING PAYMENTS WITH THIS NEW POLICY, BUT HE IS NOT SURE THAT IT WAS IN HIS BEST INTEREST. HE STATES HE INCURRED A SIGNIFICANT PENALTY TO TO CHANGE FROM A VARIABLE LIFE POLICY INTO A VARIABLE LIFE POLICY; HE STATES HE HAD TO START OVER WITH A NEW SURRENDER PERIOD. HE WOULD LIKE TO KNOW HOW THIS CHANGE WAS IN HIS BEST INTERESTS. HE WOULD ALSO LIKE TO SURRENDER THE POLICY WITHOUT A CHARGE AND BE REIMBURSED FOR ANY CHARGES INCURRED AND SURRENDER CHARGES ON HIS ORIGINAL POLCIY.
Damage Amount Requested: $5,000.00
Broker Comment: AT THE TIME OF THE PURCHASE, THE CLIENT PAID AN ANNUAL PREMIUM FOR AXA EQUITABLE; THE ANNUAL PREMIUM FOR THE POLICY WAS $1,142. THE CLIENT STATED HE DID NOT WANT TO HAVE TO PAY ONGOING PREMIUMS. AT THE TIME OF THE EXCHANGE, THERE WAS SURRENDER CHARGE OF APPROXIMATELY $700. AS WITH THE PREVIOUS VARIABLE LIFE INSURANCE POLICY, THE MARKET VALUE OF THE POLICY DOES AFFECT THE DEATH BENEFIT. WHEN THE CLIENT PURCHASED THE HARTFORD LIFE INSURANCE POLICY, IT WAS IWTH THE UNDERSTANDING THAT THERE WAS NOT AN ANNUAL PREMIUM; HOWEVER, IF THE VALUE OF THE INVESTMENTS UNDERPERFORMS OR THE INTERNAL COSTS INCREASE YOU MAY NEED TO ADD TO THE POLICY. THE ILLUSTRATIONS PROVIDED PROJECTED A HYPOTHETICAL GROWTH OF 9%; HOWEVER, THE HYPOTHETICAL WAS NOT A GUARANTEED RATE OF RETURN. OUR RECORDS INDICATE THAT ON THE REPLACEMENT: LIFE TO LIFE INSURANCE FORM SIGNED BY THE CLIENT INDICATED HE WAS AWARE OF THE SURRENDER CHARGE ON THE AXA EQUITABLE POLICY AND OF THE SURRENDER CHARGES ON THE HARTFORD POLICY. IT ALSO STATED THE CLIENT WAS AWARE THAT HE MAY NEED TO INCREASE THE PREMIUM IN ORDER TO MAINTAIN THE POLICY'S DEATH BENEFIT. FROM OUR REVIEW, ONE OF THE OBJECTIVES WITH THE NEW POLICY WAS TO NOT PAY AN ANNUAL PREMIUM FOR THE LIFE INSURANCE COVERAGE. IN THE FOUR YEARS SINCE THE HARTFORD POLICY WAS ISSUED, THE CLIENT HAS NOT PAID A PREMIUM, AND THE DEATH BENEFIT HAS NTO CHANGED. IN LIGHT OF THESE CIRCUMSTANCES THE REQUEST FOR REIMBURSEMENT OF SURRENDER CHARGES FOR BOTH POLICIES AND MARKET LOSSES IS RESPECTFULLY DENIED.

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