[Rick Lee]

Thought I'd update this thread with some recent stories.

Had a painful one today. I wrote this guy three mos. ago for $110/mo for $20k whole life coverage, immediate coverage. He called today, said he wanted to cancel, had an "agent from the VA" in his apt who was offering a better deal. The VA doesn't sell life insurance and certainly doesn't employ agents to sell third party stuff. I asked him what he had found. He said, "Well, it's more expensive than yours at $175/mo, but it's paid up in five years." I said, "Paul, that's over $10k. Ask him what the death benefit is." It was $6800. "So Paul, you're paying over $10k fro a $6800 benefit. Does that make sense to you?" He replied, "Well, he says it grows after I pay it off." I know this plan grows at .5% per year, not compounded. So I reply, "Paul, half of one percent of $6800 is $34/yr. You would need to live another 100 years AFTER this is paid up before it was worth what you had paid into it. I'll be over there after my last appt. today." He said ok. Didn't answer the door or my phone calls thereafter.

I have 30-40 other stories like this since my last post. This is why they're poor.