American-Amicable Life Insurance Co. has agreed to pay a total of $70 million to settle charges that it used deceptive sales practices to attract military personnel to purchase what had been deemed unsuitable investment products. Without admitting or denying the charges, the Texas-based company will shell out $10 million to the Securities and Exchange Commission and $60 to a group of state insurance regulators. The firm was sued for promising to make millionaires out of military personnel who had little money by purchasing its Horizon Life product. The SEC, in its complaints, charged that American-Amicable sales agents represented themselves as financial advisers rather than insurance agents, who told members of the military that the products would earn them $1 million when in reality their investment would grow to just $65,000 over two decades.