Term Life Insurance Articles
Michael Jackson Aide Reportedly Stole Life Insurance
2009-08-12
Michael Jackson's aide is accused of stealing 20 million dollars of the star's money that was designated to pay on the premium of his life insurance, in which his three children, Prince Michael Jackson, 12, Paris Jackson, 11, and Prince Michael Jackson II, 7, also known as "Blanket" were to be the sole beneficiaries.
The elder Jackson, 50, whose musical career spanned over 40 years with hits such as ABC, Beat It, Billie Jean, and Thriller, rose to international superstardom beginning with the group, the Jackson Five. The group comprised of Michael as lead singer, flanked by his older brothers, Marlon, Tito, Jermaine, Jackie, and later younger brother Randy in the 1970s.
In the latter end of the decade, Jackson stepped out as a solo performer, and in the 80s solidified his place in pop music history with the landmark album, Thriller, one of the biggest selling albums of all time. A couple of the albums hits included the aforementioned Billie Jean, and of course, Thriller.
Personal, legal, and financial woes plagued the singer in the 90s, but he managed to maintain a loyal fan-base as the consummate musician and global humanitarian.
Emerging from a long hiatus from the music scene and the public eye, Jackson was on the verge of a well-publicized come-back beginning with sold-out shows in England, when on June 25th, he passed away from heart failure.
The life insurance policy, according to the Telegraph (UK), was valued at approximately 22.5 million dollars. However, because of the missed final payments that were due during the end of the singer's life, the expected payout is 2 million dollars.
Although no formal charges have been leveled against the aide, whose identity has not been revealed, one allegation states that negligence played a part in the missed premium payment. This allegation has not been substantiated.
The Jackson family members have a different view citing blatant theft that the aide pocketed the money the pop superstar had set up for his children. The family is intending to bring legal action against the person they believe is responsible.
Dr. Steven Hoefflin, a plastic surgeon who was one of Michael Jackson's closest friends, said in the Telegraph that the whole affair underscored the level of "deception and incompetence" of those that Jackson had surrounded himself with during the last days of his life.
He further stated, "The family told me that utterly and unbelievably and horrifyingly, one of his aides did not keep up with payments in the last months of his life. They believe he was pocketing the money."
"This was hugely important to him - it was money for his children. The family is furious, and they are now seeking a lawsuit against the person they believe responsible."
"It's incredible, and just stands of further proof of the levels of deception and incompetence of the sharks that surround Michael."
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Michael Jackson's aide is accused of stealing 20 million dollars of the star's money that was designated to pay on the premium of his life insurance, in which his three children, Prince Michael Jackson, 12, Paris Jackson, 11, and Prince Michael Jackson II, 7, also known as "Blanket" were to be the sole beneficiaries.
The elder Jackson, 50, whose musical career spanned over 40 years with hits such as ABC, Beat It, Billie Jean, and Thriller, rose to international superstardom beginning with the group, the Jackson Five. The group comprised of Michael as lead singer, flanked by his older brothers, Marlon, Tito, Jermaine, Jackie, and later younger brother Randy in the 1970s.
In the latter end of the decade, Jackson stepped out as a solo performer, and in the 80s solidified his place in pop music history with the landmark album, Thriller, one of the biggest selling albums of all time. A couple of the albums hits included the aforementioned Billie Jean, and of course, Thriller.
Personal, legal, and financial woes plagued the singer in the 90s, but he managed to maintain a loyal fan-base as the consummate musician and global humanitarian.
Emerging from a long hiatus from the music scene and the public eye, Jackson was on the verge of a well-publicized come-back beginning with sold-out shows in England, when on June 25th, he passed away from heart failure.
The life insurance policy, according to the Telegraph (UK), was valued at approximately 22.5 million dollars. However, because of the missed final payments that were due during the end of the singer's life, the expected payout is 2 million dollars.
Although no formal charges have been leveled against the aide, whose identity has not been revealed, one allegation states that negligence played a part in the missed premium payment. This allegation has not been substantiated.
The Jackson family members have a different view citing blatant theft that the aide pocketed the money the pop superstar had set up for his children. The family is intending to bring legal action against the person they believe is responsible.
Dr. Steven Hoefflin, a plastic surgeon who was one of Michael Jackson's closest friends, said in the Telegraph that the whole affair underscored the level of "deception and incompetence" of those that Jackson had surrounded himself with during the last days of his life.
He further stated, "The family told me that utterly and unbelievably and horrifyingly, one of his aides did not keep up with payments in the last months of his life. They believe he was pocketing the money."
"This was hugely important to him - it was money for his children. The family is furious, and they are now seeking a lawsuit against the person they believe responsible."
"It's incredible, and just stands of further proof of the levels of deception and incompetence of the sharks that surround Michael."
