Two Times NASCAR Champion Kyle Busch Lost $8.5 Million in a Life Insurance Scam

Ex-NASCAR Cup Series champion Kyle Busch shared his thoughts on the life insurance scam that cost his family millions.

Two Times NASCAR Champion Kyle Busch Lost $8.5 Million in a Life Insurance Scam

Kyle Busch (Via @KyleBusch/X)

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Since joining RCR in 2023, life hasn’t been easy for Kyle Busch on the track and now latest reports have revealed that things have gone south for the two times Cup champion off the field as well. The veteran racer and his wife Samantha Busch lost over $8.58 million after investing in an alleged Life Insurance Scam.

Kyle Busch paid over $10.4 million in insurance premium to Pacific Life for the Indexed Universal Life (IUL) insurance policy. The IUL was pitched to him as a tax-free retirement plan that was safe and a self-funding investment vehicle. But it turned out to be complete misrepresentation of the facts as misleading illustrations, undisclosed costs, and false promises cost the couple millions.

Hence, they have filed a lawsuit against Pacific Life Insurance Company in the Lincoln County. They allege that the company prioritized commissions over policyholder interests, by ignoring the disciplinary history of their agent. They are represented by the RP Legal LLC, founded by attorney Robert G. Rikard, who have handles multiple similar cases in the past.

Talking about the loss in a statement, Kyle Busch admitted that he never expected this to happen to him or his family. The policy was meant to protect the Busch family after the veteran was done racing and now it turned out to be a financial trap that cost him millions from his life savings. He seems beyond disappointed with the scam and its negative effect on his family.

I never thought something like this could happen to us. These policies were sold to us as part of a retirement plan—something safe and secure that would grow tax-free and protect our family long after racing. We trusted the people who sold them, and the name Pacific Life. But the reality is far different. What was pitched as retirement income turned out to be a financial trap.

Kyle Busch said via a statement.

Kyle Busch sends a huge warning to the Americans

The RCR driver released a video featuring him and his wife, sharing their thoughts on the situation, while also sharing a statement alongside it warning the Americans. He revealed that they are determined to send alarm bells to the families that might get misled and suffer massive financial loss.

Kyle Busch with Samantha Busch and daughter Lennix (via @Samanthabusch/Facebook)
Kyle Busch with Samantha Busch and daughter Lennix (via @Samanthabusch/Facebook)

We are sounding the alarm on a hidden insurance scam involving policies being sold by Pacific Life and other insurance carriers. These are being pitched as “smart retirement planning” or a way to “set up your children’s future,” but too many families are being misled and left with devastating financial loss.

Kyle Busch wrote on X.

Further talking about it, he pointed out that the policy scam is targeted not just at public figures but also at regular Americans. The couple got one advise to everyone that gets approached with a similar offer, run! as there are almost no ways to recover the money lost to the scam.

And it’s not just public figures — it’s everyday hardworking Americans who trusted the system and are now left with little to no way to recover what was taken…We’re sharing our experience so others don’t have to go through this without warning. We were mislead. If you’ve been approached with a “no-risk” retirement plan tied to an index universal life product (IUL)…. RUN!

Kyle Busch added.

It’s unfortunate that Kyle Busch became a victim of such a huge scam. At the same time the veteran deserves respect for standing up and fighting against the scam, not just for himself, but the other Americans that were victims of it.

Also Read: Kyle Larson Gives “Realistic” Update on His Retirement Plans Ahead of 2025 Finale