I’m not in favor of IULs.

[scagnt83]

I thought Doug Andrew gave solid advice. But if it is so bad how was he able to stay in business for almost 50 years. Most of his policies he sold must have performed the way he said they would perform?

If you read those lawsuits... he told people to take out a HELOC or 2nd mortgage to purchase IUL.

That violates many different laws and regulations.

And is corrupt AF.

 

[Allen Trent]

I thought Doug Andrew gave solid advice. But if it is so bad how was he able to stay in business for almost 50 years. Most of his policies he sold must have performed the way he said they would perform?

If IUL are the best & perfect investment according to Andrews, why would he have put so many consumers into the Woodbridge Ponzi scheme where those consumers lost all their money? If they could have made 16% in the good years & 4-5% in the worst years & turn $1M into $2M in a 10 year period (7-8% average) like he says in one of his videos, Why did he put them in Woodbridge where they lost all their money? Woodbridge had no downside protection, no death benefit for family, no tax deferred growth with tax free preferential access/use of the funds.......so why would Andrews sell unregistered investments like Woodbridge without a license instead of just selling IUL which he says is the best investment?

 

[Jab246jab]

He spews extremely inaccurate statements about IUL. Stuff that is easily fact checked...

IUL is not the "best investment there is"... nothing is "the best".

IUL has only existed for around 20 years. Only heavily sold for the past 10 years.

Cap renewals are the biggest danger of IUL, and many consumers have been lied to about how renewals work (by people like him). Many consumers have current caps that are significantly lower than when they started.... and they are pissed...

he seems very sure of himself. So he is lying about results in those Youtube videos?

 

[Jab246jab]

If IUL are the best & perfect investment according to Andrews, why would he have put so many consumers into the Woodbridge Ponzi scheme where those consumers lost all their money? If they could have made 16% in the good years & 4-5% in the worst years & turn $1M into $2M in a 10 year period (7-8% average) like he says in one of his videos, Why did he put them in Woodbridge where they lost all their money? Woodbridge had no downside protection, no death benefit for family, no one tax deferred growth with tax free preferential access/use of the funds?

This is news to me. What was the Woodbridge Ponzi scheme. Was it a Ponzi scheme with IUL's?

 

[Allen Trent]

This is news to me. What was the Woodbridge Ponzi scheme. Was it a Ponzi scheme with IUL's?

Refer to the earlier links. Woodbridge was a $1.3B Ponzi scheme.

[EXTERNAL LINK] - Banned from selling securities but still hawking insurance - InvestmentNews

[EXTERNAL LINK] - SEC Announces Charges Against Live Abundant - Future Income Payments Lawsuit

 

[Tahoe Ray]

he seems very sure of himself. So he is lying about results in those Youtube videos?

People who steal from others or run "successful" grifts are often self-assured.

Also, people lie on every platform and in person.

I have no knowledge about this guy, but it's not uncommon in the industry.

 

[DHK]

Doug Andrew, despite the lawsuits, has always had dubious math in his Missed Fortune examples. That's been around for over 20 years now. The principles may be sound, but you had better know how to implement on them in a prudent and ethical manner, especially if using an interest-only mortgage, that the client can afford their mortgage payment if and when interest rates rise, and how to properly structure their life insurance policy.

I've heard of agents who took the cash out proceeds from an interest only mortgage and put it ALL (100%) into the FIRST YEAR PREMIUM of a policy. That's downright criminal. So the next year, the client can't afford the ongoing premium... nor would they be able to afford the mortgage when the interest-only period expires and the payments are principal and interest.

So many abuses on this in the past. This is why it's one of the questions regarding the source of funds/premiums for life insurance... and if it's a mortgage, you'll need to provide more details at best, or they'll decline the application at worst.

The lesson is that there's often a lot of history behind certain people and whether it's intentional or simply badly implemented. I don't need anything that Doug Andrew does. I don't pay any attention to it. (I do find it interesting that he's a current or past client of Dan Sullivan's Strategic Coach though.)

There are plenty of good people to learn more about IUL both here in this forum as well as others. David McKnight is one who I follow and he wrote the book "Look before you LIRP." If you want someone to follow in the IUL space, follow him on YouTube.

 

[DHK]

For more on David McKnight, you can visit these sites:

https://www.pozbootcamp.com/

https://www.heroesofzero.live/

[EXTERNAL LINK] - David McKnight | Protect Your Retirement Savings

https://www.powerofzero.com/

https://www.thetaxtrain.com/

 

[Jab246jab]

People who steal from others or run "successful" grifts are often self-assured.

Also, people lie on every platform and in person.

I have no knowledge about this guy, but it's not uncommon in the industry.

I believed this guy and now I am finding out he is involved in Ponzi schemes.

 

[Jab246jab]

Refer to the earlier links. Woodbridge was a $1.3B Ponzi scheme.

[EXTERNAL LINK] - Banned from selling securities but still hawking insurance - InvestmentNews

[EXTERNAL LINK] - SEC Announces Charges Against Live Abundant - Future Income Payments Lawsuit

Damn, he looks like a nice old man who is very knowledgeable. Now I find out he is involved in Ponzi Schemes. Who can you trust these days?