Quote:
Originally Posted by Rick Lee
She said it had a $35k face amount. Nope, called the company, it was $10k. She had taken over the $20/mo payments and already paid $13k into it. Her cash value was $7000. If this shows you how overpriced that policy was, I was able to get her the same price per thousand, even 55 years later. She was all set to cash out and start over, gave me everything I needed .... until it came to the banking info. She only used debit cards, nothing with a checking acct #. That raised the price by about $8/mo and she balked. I said, "You're walking away from a $7000 refund, another policy at the same price per thousand, all because you don't want an insurance company to auto-draft your account, so you'd rather keep overpaying into that policy AND paying for money orders for the privilege?"
That's why she's poor.
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How does this stuff work?
She is paying $250/year for a $10k benefit?
She has spent $13k already for a $10k benefit?
I don't think she's poor because of debit cards.
She's poor because of con artist insurance agents.
Cash value insurance policies are a complete scam.
Most competent planners only suggest term life.