
A narrative has been swirling on social media, suggesting that Kyle Busch's wife and children were left without proper life insurance, following the NASCAR Cup Series driver's death at 41.
But that couldn't be further from the truth, claims attorney Robert Rikard.
Rikard took to LinkedIn to shoot down the false narrative about his death at 41 years old. He addressed the life insurance speculation.
"Some on this platform, in the media, and elsewhere are pushing a false narrative about the Busch IUL matter. It needs to be stopped, and those publishing false statements are on notice to correct them. Two policies had no value prior to litigation and were terminated," he wrote.
"The remaining policies were handled responsibly. The Busch family retained an independent insurance specialist -- a senior executive at a major national financial institution -- who evaluated the entire portfolio and recommended a structured transition to replacement coverage that provides a substantial lifetime death benefit. The Busch family did not walk away from their coverage. They replaced it with better coverage. The suggestion that they were advised by anyone to abandon tens of millions in death benefit protection is a fabrication, and those repeating it know it is. To continue to do so is at your own peril."
Kyle Busch and his wife, Samantha Busch, had filed a lawsuit against Pacific Life Insurance Co. in October. They claimed that they had lost more than $8.5 million after being misled.
Ultimately, they settled out of court.
Still, in the wake of Busch's death, his family is well taken care of.
The Busch family reportedly had close to $100 million in coverage.
"The filing in the Western District of North Carolina alleged the Busches purchased five separate IUL policies between 2018 and 2022 to provide more than $90 million in insurance protection for the two-time NASCAR champion," Insurance News reported.
That doesn't make what happened to Kyle Busch any easier to swallow, but it's good to know that his family doesn't have to worry about finances.
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