Anyway, this kind of thing is pretty common in the industry.
At least it is for me.
I don’t even have to provoke these people anymore.
I just sign up on their email list and wait…
They end up coming to my website… get their panties in a twist… and then tell me all about it.
By the way… this JD/financial planner is a YUGE advocate of indexed universal life and believes whole life suks.
His problem with me was that I do not advocate indexed life for most people.
Other than being overly complex… it’s an assumption-based product.
Which means… the insurer assumes it will work out one way… but they make no guarantees about it.
Many years ago, I had the good fortune of meeting and corresponding with Jason Konopik.
He be one of the leading life insurance actuaries in the industry. He has personally designed, or helped design, many of the indexed universal life products on the market today… and knows exactly what the limitations of them are… what profit targets these insurers need to hit to make those products work… and so on.
Anyway, he emailed me a bunch of his own personal spreadsheets and we chatted on the phone at great length.
Some of the information is nonpublic and I’m sworn to secrecy.
But… here’s what I CAN tell you.
What he said then… and what he still says today (publicly)… is “IUL has incredible potential but it’s a non-guaranteed product… Insurance companies will not lose money on a non-guaranteed product.”
And… what stuck out in my mind was his warning, “buyer and agent beware.”
Anyway, if you are wooed by an IUL salesman, then I say best of luck to ye.
Everyone else, embrace the simplicity: