Lt. Governor Taylor revokes agent’s license after $800,000 misrepresentation
Lead Summary
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COLUMBUS — Ohio Lieutenant Governor Mary Taylor has revoked the license of insurance agent Brian Willms, of Dublin, for misrepresenting life insurance policies as an investment. The misrepresentations contributed to two clients losing a combined $800,000.
“We have taken the appropriate consumer protection measure,” said Taylor, also director of the Ohio Department of Insurance. “An agent is obligated to accurately represent the purpose of an insurance contract to the buyer.”
The Ohio Department of Insurance found Willms, from 2011 to 2013, led clients to believe that the complex Life Economic Acceleration Process (LEAP) strategy and the resulting purchase of whole life insurance policies was an investment that replaced, or would replace, their previous investments.
Further, Willms misrepresented the value of the whole life insurance policies sold stating they would pay for themselves through earned dividends, would not increase out-of-pocket expenses and would increase his clients’ wealth.
Taylor said it’s important for consumers to realize that life insurance should not be considered an investment. Typically, it’s intended to provide money to beneficiaries after a loved-one passes away. Life insurance should be carefully shopped and evaluated to ensure the appropriate need and amount of coverage is purchased.
Ohioans aware of insurance agent misconduct or insurance fraud are urged to report it to the Ohio Department of Insurance by calling 1-800-686-1527. Information regarding insurance fraud and life insurance is available at www.insurance.ohio.gov.
“We have taken the appropriate consumer protection measure,” said Taylor, also director of the Ohio Department of Insurance. “An agent is obligated to accurately represent the purpose of an insurance contract to the buyer.”
The Ohio Department of Insurance found Willms, from 2011 to 2013, led clients to believe that the complex Life Economic Acceleration Process (LEAP) strategy and the resulting purchase of whole life insurance policies was an investment that replaced, or would replace, their previous investments.
Further, Willms misrepresented the value of the whole life insurance policies sold stating they would pay for themselves through earned dividends, would not increase out-of-pocket expenses and would increase his clients’ wealth.
Taylor said it’s important for consumers to realize that life insurance should not be considered an investment. Typically, it’s intended to provide money to beneficiaries after a loved-one passes away. Life insurance should be carefully shopped and evaluated to ensure the appropriate need and amount of coverage is purchased.
Ohioans aware of insurance agent misconduct or insurance fraud are urged to report it to the Ohio Department of Insurance by calling 1-800-686-1527. Information regarding insurance fraud and life insurance is available at www.insurance.ohio.gov.