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-   -   Texans | A. Johnson claims insurance fraud (http://www.thewarpath.net/parking-lot/11749-texans-a-johnson-claims-insurance-fraud.html)

That Guy 03-23-2006 09:23 PM

Texans | A. Johnson claims insurance fraud
 
[B]Texans | A. Johnson claims insurance fraud[/B]
Thu, 23 Mar 2006 16:37:52 -0800
Christina Hoag, of the Miami Herald, reports [URL="http://www.kffl.com/team/18/nfl"]Houston Texans[/URL] WR [URL="http://www.kffl.com/player/5907/nfl"]Andre Johnson[/URL] is suing an insurance company and agent, claiming he was tricked into signing up for $43 million in needless policies which cost him $375,000 in annual premiums. AmerUS Life Insurance Co., and its agent, Rodney Brown, are denying the accusations claiming that Johnson is trying to back out of a legitimate deal. According to the lawsuit, Brown recommended Johnson to buy a $2 million AmerUs policy, but later recommended he cancel that policy and sign up for a "comprehensive financial plan" for professional athletes that would cover his insurance, investment, and retirement needs. Brown told Johnson the premiums were tax deductible and that the policies would provide income after his [URL="http://www.kffl.com/team/77/nfl"]NFL[/URL] career was over.



ouch. 43$mill coverage for only 375k a year??? what a deal.

dmek25 03-24-2006 08:57 AM

Re: Texans | A. Johnson claims insurance fraud
 
what exactly is johnson getting out of this for his money?

That Guy 03-24-2006 10:23 AM

Re: Texans | A. Johnson claims insurance fraud
 
[quote=dmek25]what exactly is johnson getting out of this for his money?[/quote]

apparently not enough. I guess payments after retirement, it seems like a terrible deal though.


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