Been getting a LOT of questions lately about life insurance.
Apparently, your old pal Uncle Gluten has been making waves across the Interwebs.
I was recently contacted by someone who is working with an insurance agent…
This other agent is part of a consortum of folks who are… well they’re not really competitors but let’s say for the sake of argument they’re competitors.
Anyway, I was surprised to learn how poorly these other agents are teaching their clients.
It’s not the first time I’ve run into this sort of thing though. It’s been happening ever since I got into the biz 12 years ago.
And just when I think I must have seen it all… I am surprised by something new.
Let this be a lesson to you. You’re never done learning.
What do I mean?
Well… sometimes what I’ll see are things like… the client not knowing basic features and functions of their policy.
Not knowing how the cash value builds up. Not knowing how to borrow against their policy or not understanding that they can cash their insurance in at any time for its full cash surrender value.
I’ve had other agents send me an excel spreadsheet instead of an actual company-approved life insurance illustration (which no insurance company would approve of an which also usually means the agent is trying to hide something).
I’ve had clients copy/paste what their agent told them… and it was a complete fabrication of the truth.
Lies about how much the agent is being paid… what the policy will do for the client… what it won’t do for them… lies about premiums due…
Lies about dividends and how they work…
Misleading statements about the dividend rate…
Misleading statements about how investments in general work.
Lying by omission about how interest rates work, policy fees, and so on and so on.
It runs the gamut.
Weird thing is… these policies are not nearly as difficult to understand as these agents make them out to be.
Look, if our former Vice President, Joe Biden, can understand his MassMutual whole life policies, and successfully take loans against them and repay them (growing the cash values), then, my friend, I am fairly certain that almost ANYBODY can understand this stuff.
You don’t need to be a nuclear engineer to make this work for you (hey Thomas! ?)
What, then accounts for all the confusion?
No, it’s not secksy.
It’s not going to make you a bazillion dollars in 12 seconds.
It’s going to require patience.
You’re going to have to read your policy illustration and contract (they’re short, but contain vital information).
And you’re not going to learn everything before you get your first policy (due to the conceptual nature of insurance, it’s one of those things most people have to learn WHILE using it).
And this is really where me and my minions differ from EVERY single agency or finanical firm out there.
Not only do we have the chops to design immaculate policies… we provide ongoing education so you’re never out there just flapping in the breeze afterwards.
Anyway, enough foreplay.
If you’re ready to get serious about saving money, come join me, my minions, and our rag-tag band of clients.
I won’t bite. Promise. Unless, of course you’re into that sort of thing.