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  1. #145
    Join Date
    May 2009
    Posts
    39

    Re: Whole Life Insurance is a scam!

    Quote Originally Posted by theme View Post
    http://www.insurance-forums.net/foru...read24679.html


    "Well another reason there is a market for this ( Final Expense Life Insurance ) is many folks listened to the Dave Ramseys's. Clark Howards and Art Williams who proposed a theory.....that of buy term and invest the difference (in the stock market). Note I said theory, not a LAW.

    Hey I just want to know if you jumped off a cliff yet, since it's only a theory, thought you might believe otherwise.

  2. #146
    Join Date
    Jan 2012
    Posts
    1

    Re: Whole Life Insurance is a scam!

    Who came up with the bright idea to bundle savings with life insurance? Are we really discussing whether cash value life insurance is a good idea? First of all, the primary reason for life insurance is to protect your family if you die, not yup set up a savings account. So if I'm paying $100 a month, and I die, do u want my family to get $100,000 or $750,000? And lets remember that with cash value the bank keeps my "savings" if I die...

    Another question: why, if it is a legitimate savings plan, does the bank lend me my own money at 8%? Why does my wife not get it if I die? Why are the commissions on it so much higher than term? Why do fees absorb the first three years of my payments? Why can they delay giving it to me for up to 6 months?

    The reason people are not saving tons of money buying term and investing the difference is because they are not investing the difference like they are supposed to. Just because the majority of the population lacks the will power and diligence to save, it shouldn't give any validity to cash value insurance.

    Banks pay higher commissions on cash value for one reason only: because it is more profitable to the bank. Period. Anyone who tells you different is selling it. Anyone with common sense and a calculator can tell you that.

    Cash value salesmen: quit ripping off the American people to fill your wallets.

  3. #147
    Join Date
    Jun 2006
    Posts
    12

    Re: Whole Life Insurance is a scam!

    Many of the posts are too black and white on this thread.
    The insurance is sold to the wrong people because it is a big payday for the salesman. Same with Annuities.

    The Good and Bad for whole life type policies...
    Good
    - For upper income people to put 1-3% (small) of their money to deversify. Talk about it on CNBC.

    - to transfer wealth tax free

    - as a benifit for upper level people, paid for by the company.

    - as a final expense insurnace

    Bad
    - too much money in one investment

    - not enough life insurance

    - other more flexable plans not mentioned

    - sold to people with variable cash flow situations.

    There are much worst insurances out there like Accidental Death and dismemberment life insurance that many banks and credit unions sell. They pay less than 3 % of the time.
    Cancer insurance etc. Almost all service agreements like Best Buy sells.

  4. #148

    Re: Whole Life Insurance is a scam!

    Quote Originally Posted by irishdraco View Post
    I went in for an interview with Primerica, and they said that it costs $99.00 for license and then each month I have to pay $25, but the interviewer could not explain why, but, that he just pays it.. Can or does anyone know why? This is in Utah, by the way, I do not know what others state are, so if anyone can answer this I would appreciate it. I went to Primecia Web and even call them also, but got no direct answer... I am not going to pay and pay as I was talking with an Insurance Salesman, who lives across the street, and he had never heard of it. Especially when I would actually be my "own boss"...?
    Thanks,
    irishdraco
    I'm a Primerica Rep and I do apologize that you didn't get a straight answer from the "Representative" For all potential members, for all states, it is 99 dollars to get your Business Number (it is a five character number that is attached to a Federal Identification Number), that also covers your fingerprints, background check (State and Federal). The 25 dollars a month is for our Primerica Online website and we use that website to study for our Life Insurance exams both Life & Health, for the apps to do our business such as write up insurance policies, issue prepaid legal, FNA's (Financial Needs Analysis) and many more things. Almost forgot for the 99 dollars you also own a piece of the business, so it is really your business. To get your license for Life and Health you would have to pay your state fee, however it is refunded to you when you pass the test and get appointed by the your State Department of Insurance. Also Primerica also pays for you to get your investor's license (Series Exams) all you have to do is pay the FBI fingerprint and FINRA registration fee. I hope this helps

  5. #149
    Join Date
    Apr 2014
    Location
    Harlem Represents!
    Posts
    235

    Re: Whole Life Insurance is a scam!

    I think all insurance is a scam. You pay pay pay pay pay. Then something happens they don't pay

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    Your donations no matter how small are appreciated :)

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