Per the NYLife Securities, LLC filing, the Customer alleges he was misled when he purchased a VUL in 2019. He claims it was not set up or designed to meet his specified goals. The Customer has requested to drop the death benefit without incurring surrender charges or any additional fees.

$11,765.07

I've known the client for years. He was looking to invest some funds over a long period of time. We discussed several options, including a VUL policy. We discussed the policy at length, and reviewed approved illustrations and other materials. After reviewing the details of the policy, he completed the necessary paperwork and the policy was issued. I continued to meet with the client for several years. He never raised any questions or issues with the policy prior to making this complaint.