I just learned that my father has fallen victim to a predatory insurance agent who sold him a whole life policy in May. My dad is 70 years old, has substantial savings accumulated, has no dependents, and has no need for life insurance of any kind, let alone whole life.
My dad previously had a long duration term life insurance policy, which recently expired. He got a letter from the insurance agent about the expiration, which prompted him to contact the agent. The agent proceeded to convince him that he still needed life insurance, and that he should buy a $100K whole life policy. My dad trusted the agent (it's a small town, where everyone knows everyone) and purchased the policy. After discussing it with my dad, it's clear that he had no idea how the policy really works.
My dad paid an initial premium of almost $4K for the policy in May. The agent admits that he pocketed a commission of $1K from selling the policy. Unfortunately, I just learned about this, and Ohio regulations only seem to permit getting your money back within 20 days of buying the policy. It has been between 60 - 90 days.
What recourse does my dad have, if any, to cancel the policy and get at least some money back? The agent claims that nothing can be done, and that the cash value of the policy is (of course) $0.
I am thinking about filing a complaint against this agent with the Ohio Department of Insurance. Is there anything more I can do? I'm furious that this guy ripped off my dad, but even if I can't get the money back, I still want to prevent this huckster from ripping off more people.
Thanks for any advice.