Once upon a time not to long ago, the Life Insurance Industry was a no holds barred Sales Person First Industry. Life Insurance agents were armed with one mission and that mission was to make as much money possible from each client. Life Insurance Agents were and still are limited to the type of policies that they can sell individuals due to their LOW-LEVEL licensing.
A favorite policy by many Life Insurance Agents was the infamous whole life policy. This policy was sold to individuals with the hopes of earning interest over time that would eventually help with retirement, large future purchases etc. Unfortunately for the individuals that purchased this type of policy they failed to look at how the policy works. THAT HIDDEN LANGUAGE IS A KILLER!
A whole life policy’s cash value is based on the INSURANCE COMPANY PAYING THE OWNER A PERCENTAGE, unfortunately the percentages shown with the sale of the policy were GROSSLY OVERSTATED and the owners of those type of Life Insurance policies would receive less than a 3rd of those shown percentages. This is now an unacceptable practice in the industry.
Another issue with Whole Life Insurance is that the policies are ridiculously priced when compared to other options. This Expensive type of policy mean that both the Insurance Company and the Sales Person earn a very hefty commission. Seriously a lower performing policy that COSTS MORE? Why would anyone do that?
The last issue with Whole Life Insurance is that they charge you for you for using your cash value in the amount of 4-8%. So wait, THEY OVER CHARGE YOU FOR THE POLICY, THE POLICY EARNS LESS MONEY THAN THEY TOLD YOU IT WOULD AND FINALLY THEY CHARGE YOU A LARGE PERCENTAGE TO TAKE YOUR EARNINGS??????????!
Don’t worry you have options, how would you like to take that same policy and convert it into a new policy with LOWER PREMIUMS, HIGHER DEATH BENEFIT, ADDED LIVING BENEFITS and NO CHARGE FOR TAKING YOUR EARNINGS. By the way YOU CAN EARN 5X what your Whole Life Policy earned in half the time.