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  1. #1
    Join Date
    Nov 2007

    Clark Howard is a scam

    A viewer calls in and he says to cash in that evil whole policy ( which has $4 or $5,000 in it, admittedly "real money")


    All this bonehead can say about a policy which now probably is performing VERY well is to drop it and buy term.

    According to this half baked idiot ďthe agentís commission causes the policy to underperform in early years."

    What about the fact that it is a life insurance policy and has an obligation to pay a death benefit?

    Sure there is a commission which is an acquisition cost, just like any business, but I resent the notion that permanent insurance is only sold because greedy agents push it on people.

    What about the 115 percent commission on many term policies that agents get? Do you think they sell for nothing?

    To his credit butt brain did advise anyone to be sure they are insurable before dropping their cash value policy. I can relate to this very well, since I had a family member drop his participating whole life policy on the advice of an AL Williams Agent, only to never get term and die looking for someone to buy out his VA insurance under an accelerated clause to have some money and die in dignity, but he could not.

    Take a look at all the TV ads for old people now buying whole life insurance in their 70's buy the unit.

    If they had some permanent insurance they would not be doing that. I know for a fact that many of their generation took out $10,000 ish policies when they were younger. What happened to those policies? Why do they need to spend $60 or more per year per thousand of insurance on a whole life policy now?

    Take a look at the need, and fill that need. That is what most agents do.

    This guy , like many before him is doing a grave diservice with this advice.

    Follow up: Despite his pitch on TV , his written advise, much to his credit on whole life insurance is as follows:

    Don't cancel a whole life policy. Once you've purchased it, it's best to keep it.

    Indeed. If the first year commission is the culprit, would it not make sense that after that year has passed and beyond, that you paid your dues and now is time to reap the benefit, especially in later years when the dividend or interest are GREATER than the premium and there is substantial cash value.
    Last edited by eflteacher; 08-08-2009 at 02:15 PM.

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