‘Free Look’ Wasn’t Free, Class|Tells Life Insurance Companies

     EDWARDSVILLE, Ill. (CN) – Morgan Keegan & Co., MetLife and Regions Financial Corporation fail to refund money to customers who cancel variable annuity contracts during a “free look period,” according to a class action filed in Madison County Court. Named plaintiff Georgia Layloff says the defendants told her she could invest in a variable annuity contract, and that during a 10-day free-look period she could cancel the contract and all of her money would be returned.

     Layloff says she canceled the contract within 10 days, but the defendants returned only some of her money.
     The class represented by Lloyd Cueto of Belleville.

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