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Would like to post a quick update here for everyone who assisted me and also for future generations of people who may come across the thread. After a long process (several months), AXA finally offered to settle the dispute by canceling my policy and refunding all premiums paid. To those who may...

Thank you for this -- it's reassuring to hear on some level even though AXA seems to be digging in their heels and refusing to admit that my claims have merit. I will continue to pursue my claim and hopefully something will change. Since I've filed a complaint with the state regulatory agency...

Got it. I think basically what happened is that they misled me as to how it would work if I wanted to withdraw and use the money in the policy in my middle life. I would not have purchased it if I knew the gains were going to be taxed as income -- I only thought it was a good investment because...

Thanks -- this is helpful. They claim that I agreed that the contract was suitable in purchasing the policy but I never filled out that portion of the contract -- the sales broker filled the suitability section out for me (they admit the contract was prefilled) and I do not recall ever seeing...

It is a $500,000 policy, sold to a 25 y/o also without any dependents. The surrender charge is around $5000 and if they waived it, I'd only lose about 1/3 of what I put in (the part that went to pay for premiums), so that would be an acceptable outcome for me. I have had it for two years...

Yes, she drew a chart for me at the sales pitch comparing the tax benefits of different kinds of investments - 401K, IRA, stocks, and the life insurance contract - whether they're tax deductible, tax deferred or tax free at withdrawal. For the life insurance contract, her chart shows that it's...

Basically what happened is that my sales agent lied about the tax benefits of the contract. She claimed that gains are tax free (she even drew a chart comparing the tax benefits of the contract with other types of investments) and said that while gains in stocks/bonds/MFs are taxable, gains in...

Bumping this old thread to see if anyone else has had any experiences fighting variable life insurance contracts, particularly the AXA Incentive Life Optimizer. I'm currently in the appeals stage of one such dispute; they denied my original claim and I am now threatening to file complaints with...