Oberlander v. Connecticut General Life Insurance Company
Oberlander, on the advice of Connecticut General agent, surrendered two life insurance policies with large surrender values in exchange for two new policies issued by Connecticut General.
At the time, Connecticut General’s agent told Oberlander, because of the large surrender values being transferred to the new policies, the new policies would be paid up within seven years and no additional premiums would be required. However, the premiums later required to maintain the new policies were far in excess of those represented by the agent. Case No. 93 L 168 (Peoria County 1993).
