Group Universal Life Insurance

Written by Guest Author
Posted May 18, 2010 at 10:14 am

????? – ?? ???? ?? ???? ??? & ??
Julian Mitchell Rejoins Credit Suisse as Director, Head of Global Capital Goods Research Team and Lead Analyst for U.S. Electrical Equipment and Multi-Industry Group for U.S. Equity Research Date of press release: 17 May 2010 9:28 AM Click for full release … John Hancock Life Insurance John Hancock Launches Two New Current Assumption Universal Life Products Date of press release: 17 May 2010 10:00 AM Click for full release … read more…

America's Health Care Crisis and What You Can Do About It – Who …
In 2005, the average worker paid over $2700 for his or her share of group insurance provided through an employer. That doesn’t include annual deductibles and co-pays for visits to doctors, prescriptions, hospital stays, surgeries, and so forth. …. This is a great introductory book to the subject of universal health care (UHC) in general and the struggle for UHC in the USA. It will also serve well as a basic references on the subject for someone already well-informed but … read more…

Carbon Capture and Storage 2009 Conference to Provide the Latest …
Jake Records, a leading independent record label, today announced the signing of Hip Hop group Element to the label. The Reno-based group is most known for their years traveling side-by-side as tour mates with Digital Underground. The two groups first met in Reno many years ago, …. Pekin Life Insurance Company Partners with LIDP Consulting (http://www.lidp.com), Inc. to Convert all Whole Life and Universal Life Contracts to The Administrator for a Fixed Price. … read more…

From Google Blog Search

Essential Life Insurance Questions
Do I need life insurance and if so, how much?

Whether you require life insurance will depend greatly upon your personal circumstance. It is important not to get fooled by insurance sales p… read more…

Shopping For Life Insurance In UAE
Life insurance gives financial security to the dependent of the insured person. Dubai is the hub of life insurance industry in the Middle East. And that’s why it has become vital growth driver. Insura… read more…

Life Insurance Settlements : Unlock the Cash from Your Life Insurance Policy Today
A Life Settlement, or the sale of a life insurance policy, is gaining popularity as a new opportunity for seniors to generate cash. By “cashing in” a life insurance policy, one can reap the r… read more…

From GoArticles.com

John Hancock Launches Two New Current Assumption Universal Life Products
John Hancock Life Insurance today launched new current assumption single life and joint life products — Performance UL and Performance SUL. read more…

John Hancock Launches Two New Current Assumption Universal Life Products
- John Hancock Offers One of Industry’s Most Competitively Priced Permanent Death Benefit Products read more read more…

New tricks
What could a US health firm teach the NHS? read more…

Resolved Question: What advice can you give on rescinding a life insurance policy?
So here’s my situation: A friend of mine referred me to this insurance company called World Financial Group. So I went and the agent there told me a bit about the company, and I thought I liked it, so I decided to agree to join the company as well as become one of their clients. I also wanted a job where I would be able to work with my friend. Later, being more informed about the company, I learned that my friend had recruited me, by referring me, so I was technically his client and I also work under him.

So what I regret doing was putting $2400 up front for a policy called the Indexed Universal Life policy. Basically, it’s a whole life insurance policy but it also has a cash value, which grows in interest and helps pay for the cost of insurance. What I liked about it was it seemed like an appealing way to invest my money in, since I have some spare money sitting around in the Chase bank, with a meager .05% interest rate. Now I’m hearing that it’s illegal to sell IUL as an investment plan.

There are a lot that I don’t know about this policy, though the agent did a lot of talking. I probably know more about how to sell the policy than I do on how the policy works. I was told that in order to work in this company, I needed to purchase an IUL policy, otherwise, my clients wouldn’t trust me. Isn’t that illegal business practice? To force an employee to buy something you sell in order to work for the company?

So this IUL policy I have, I believe covers me 500k if I pass away. The premium is $150 a month. I don’t remember what percentage of the premium goes into the cost of insurance, and what percentage goes into the cash value. The thing is I don’t need such a huge policy because 1) I already have a 400k SGLI policy, which costs $27/mo, because I’m in the Army Reserves, 2) After the $2400 runs out, which will probably happen pretty soon, I still expect to be in College, which means I won’t have a job and a stable income to continue paying the premiums.

At first, I thought I would stay in this company, and make pretty good income, and use that income to pay for IUL. However, a lot of heavy recruiting goes into working here. There’s no required quota, where you have to recruit so many people otherwise you’re fired. There is, however, a quota for advancement. I have to recruit 3 new employees and find 3 clients in order to be promoted. I’m not the one who does the recruiting either, I’m supposed to bring friends, family members, acquaintances – anybody I knew – and have the Marketing Director do all the talking. Me, I just sit back and watch how an experienced agent does it, because that’s how I will be expected to do it as well. Being so uncomfortable about what’s required of me, the fact that I would have to get my friends, family, classmates from several years back, pretty much anyone I knew into this business that I hardly know a thing about, I simply stopped coming to their meetings. I don’t want to be making money off of the people I just listed, and if I did, I’d rather it be a good service that I can feel I’ve actually helped someone.

I have a feeling that this company targets less educated people. This companies promises to “educate people on how money works,” and that it “focuses more on concepts rather than products.” So far, I found it all to be quite hypocritical, because it seems to take advantage of people who don’t know very much about finances, and get them to buy actual products, e.g. IUL.

So long story short, I want my money back. I’m not sure if that option is still available because it was Dec 15ish of ’09 that I signed all those contracts and had my $2400 withdrawn from my savings. I’m not sure if I’ll be able to cancel the policy AND get my money back because of surrender charges. I also feel very uncomfortable talking to my agent about this because to be honest, I don’t trust him. I think he’s just going to keep pushing for me to keep this policy and get me to start recruiting people again. Even he says he’s very biased when it comes to giving his opinion on the financial world simply because the company he works for, WFG, sorta brainwashes you and indoctrinates you with a certain belief system. For example, term life insurance is bad because you don’t get anything out of it once the term is over and you don’t die.

That’s why I am asking for advice here. I want someone whose income does not depend on me sticking with a policy to give me advice, preferably someone who knows about this stuff, a life agent perhaps, or a client who knows what IUL is. If worse comes to worse, I might have to rescind the policy, saying that I wasn’t well informed when I decided to go ahead with it, and that the main reasons why I bought IUL was because I thought it was good to invest my money in and because I was required to get it because I wanted to work for this company – both of which are probably illegal business practices, correct? So if you know about fi

Incoming search terms for the article:

Share and Enjoy:

Filed under: Life Insurance

Leave a comment

Name (required)

Email Address (required)

Website

Comment Rules: By using the user comments form, you agree to the following:

1. You will stay on topic. Comment must contribute to the discussion. General comments like "Nice Article" and other variations are not allowed and will be deleted. Do not post the same comment multiple times.

2. You will not post anything libelous, defamatory, harmful, threatening, harassing, abusive, invasive of another's privacy, hateful, racially or ethnically objectionable, or otherwise illegal. You will not make threats to other users or people not associated with the site.

3. Dofollow links are allowed in the Website field only. No exceptions. No offensive links allowed. No Gambling, pharmaceutical, or adult links allowed. Website acceptance is at the discretion of the website administrator. We use the SEO Super Comments plug-in which creates a page for each comment. Your link will be dofollow from your comments page.

4. You can use keywords in the Name field provided it is not offensive and follows the rules.

5. You will not solicit anyone to buy or sell products or services, or to make donations of any kind. You will not include links to products in your comment.

Quote For Life Insurance

Group Universal Life Insurance

Incoming search terms for the article:

Related posts:

Popular Search Terms

Recent Search Terms

Categories

Blogroll

New Life Insurance Articles