Do I have a case? Close but different...

[kamll2]

What is the name of your state (only U.S. law)? SC

Here is the long story short:

My father passed in August 2008. In Sept I found an annuity statement with a stated dollar amount as "Death Benefit." I was still wet behind the ears with all the life insurance and notifications that needed to be done. Most all the life insurances contacted us (my mom or me). Nobody from the annuity investment had contacted us so when I came across the statement and saw the words "Death Benefit" I figured it was something we were supposed to notify them of the death of my father and the proceeds would be forthcoming.

When I called the account rep that my father worked with I asked "Is there paperwork we need to take care of so that this annuity investment death benefit can be processed? Is this like life insurance?" His answer was "No, no, you don't want to take that out. It's an annuity." He also told me at that time that the benefit would be the value as of the date of my father's death. So... my father trusted him, so would I.

When the market fell through the floor, I again called this guy just to confirm that the value of the annuity was safe at the value stated close or near to the statement value (since it was close to the date my father passed), and he assured me that the death benefit was locked in by the date of death.

Well, you probably already know where this is going. Based on the advice and info I was given, I did not feel any pressure to do anything with the annuity at the time. I had a probate deadline to meet for the inventory thing. The week this probate inventory was due the account rep called to ask about the settlement papers he had given me several weeks earlier, however, still after his advice and the market downturn. He said that the home office had contacted him inquiring about them. I advised him that his paperwork was first on my list as soon as I turned in the probate inventory and made some comment about the value being locked.

This was the first I'd heard any different: he said that "no, it's not locked in until the settlement papers are received." So I walked him through our history of how he had told me twice that the value was safe. He said that had been his understanding until this case.

Ok, now I'll make the long story short... bottom line we lost $20K+ as a result of decisions made based his knowledge and advice on his product in his business. This is a reputable company and the advisor has been in the business and with this company for many years. My first thought was that they changed policy after the bubble burst, but he says no, it was just something that he has misinterpreted for years and fortunately it has not effected any of his clients adversely... until now.

Do I have any recourse?

Thanks in advance,
kamll2