James Hasenbeck Involved in a VUL Dispute

James Bob Hasenbeck (CRD #: 1414838), a broker registered with Allstate Financial Services, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on September 18, 2023. Details regarding the dispute are provided below. 

On July 28, 2023, James Hasenbeck was in a dispute regarding a variable universal life insurance policy. The investor alleged he would not have agreed to convert the additional insured rider for his wife to her own variable universal life policy, which he knowingly let lapse, leaving no life coverage for his wife upon her death. 

The investor sought $100,000 but the dispute was denied. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is a VUL? 

A Variable Universal Life insurance policy (VUL) has two notable features: a tax-free death benefit for beneficiaries and an investment portfolio. Part of each premium payment is invested—but returns depend on the performance of these investments, so the policy is not guaranteed to increase in value. Additionally, VULs are often at risk of lapsing, which makes them unsuitable for many investors. 

Background Information 

James Hasenbeck has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

He is registered as a broker in Arkansas, Louisiana, and Oklahoma. 

During his 36 years of experience, James Hasenbeck has registered with the following firms: 

• Allstate Financial Services (CRD #: 18272) 
• Pruco Securities Corporation (CRD #: 5685) 

Kurta Law Can Help

If you worked with James Hasenbeck and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.