BELLEVILLE — A man alleges Gateway Financial misrepresented his life insurance policy.
Randy J. Phillips filed a complaint on Dec. 9 in St. Clair County Circuit Court against Paul S. Funkhouser and Gateway Financial Resources Inc., alleging they breached their duty to use reasonable care in the procurement of the plaintiff's insurance policy.
According to the complaint, the plaintiff alleges that on Jan. 15, 2009, he purchased a life insurance policy from the defendants with the understanding that there would be $1 million in benefits available upon his death. He claims the insurance policy would continue to have the same value of coverage as long as he lived in the event that the cash value ever reached zero. However, he alleges the defendant misrepresented the terms of the policy. Phillips alleges he instead got a policy that would be canceled if the cash value ever reached zero.
The plaintiff alleges the defendants failed to procure the type of policy they represented to the plaintiff and accepted premiums for a policy that did not contain the terms they explained to the plaintiff.
The plaintiff requests a trial by jury and seeks judgment against the defendants in excess of $50,000 for the costs of procuring a policy equal to what they allegedly promised to him.
He is represented by Jon E. Rosenstengel of Bonifeld & Rosenstengel PC in Belleville.
St. Clair County Circuit Court case number 16-L-654