This is yet even another incident with life insurance policies sold to the military. You can read the entire article and see how they were using “raffles” and offering prize money to buy insurance in addition to the similar side funds in the news a few day ago. Is it any wonder we don’t have this warm and fuzzy feeling to want to trust insurance companies? 
Veterans Administration Caught Blind Sided by Life Insurers – Death Benefit Accounts Used For Profits With Survivors Receiving Checks That Are No Good and Funds Not FDIC Insured
I am sure we have not heard the end of this yet as more companies are investigated and questioned. BD
Illinois insurance regulators revoked the licenses of a Lake Bluff, Ill., insurance agency and three insurance agents for improperly marketing and selling life insurance policies to members of the military.
The Illinois Department of Insurance said American Mutual of Illinois, Andrew M. Haley of Chicago, Ill., and Joseph J. Haley and Jamie G. Polec of Antioch, Ill., violated numerous life insurance solicitation rules regarding sales to military personnel at Great Lakes Naval Air Station in North Chicago.
The Illinois Department of Insurance said American Mutual of Illinois, Andrew M. Haley of Chicago, Ill., and Joseph J. Haley and Jamie G. Polec of Antioch, Ill., violated numerous life insurance solicitation rules regarding sales to military personnel at Great Lakes Naval Air Station in North Chicago.
In American Mutual of Illinois and Andrew Haley’s case, they were accused of offering and paying a “raffle” prize to two military members to induce them to buy insurance, records show. They also sold life insurance policies containing side funds and misrepresented that they were buying life policies with side funds, according to records.
In the case of Polec, records show they required the men to place their initials on an “extensive number of pages of documentation in quick succession, thereby preventing [them] from fully reading and understanding the contents of the documents.” They also complied the medical history application questions without asking for responses to each questions, records indicate.
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