EDWARDSVILLE - A financial management company is being sued for allegedly misleading customers about the value of their insurance policies.
The suit was filed by Robin and Sherrie Adair in the Madison County Circuit Court against Duncan Financial Management Inc. and Jeffrey Duncan.
The Adairs claim they were approaching retirement when they met with Duncan Financial Management to discuss purchasing life, disability and long-term care insurance.
The defendant allegedly told them it had procured insurance policies for them with long-term care riders that would be fully paid in 10 years.
The couple paid the insurance company $160,268 in policy premiums, the suit states.
Then Sherrie Adair allegedly fell in 2020 and was "incapacitated" for two months. When the plaintiffs made a claim, the insurance company allegedly told them "their life insurance policies were not long-term care policies."
"Plaintiffs now hold policies of life insurance that lack the features they requested, and which defendants assured them were present," the lawsuit states,.
The plaintiffs seek damages in excess of $50,000. They are represented by Steven Wallace of Goldenberg Heller & Antognoli PC in Edwardsville.
Madison County Circuit Court case number 2022LA001561