Looking For a Whole Life Policy

[LGilmore]

" Frankly i think im pretty open mined considering i was placed into a 412i and likely if i hadnt been so trusting i wouldnt have that problem. "

Rex, I honestly don't know if it was about more trusting or buying into something more complicated for you. You may be the type of doctor those stockbrokers were making fun of so many years back.

It sounds like you didn't apply the ole sniff test back when you got involved in the 412i. After reading the link you posted, it just struck me as somebody making a simple thing complicated. Life insurance was meant to be the most boring thing in your portfoilo. The version you became involved in was "jazzy", something "special". As I posted eariler, I'd probably never try something like that because of the potential problems. Aagain, life insurance should be the simplest thing you put money into.

For some reason, you want it to be as complex as a triple bypass. I think there's been some very good posts here, with enough detail that I will even steal them for my presentations.

KISS Rex KISS. Not everything has to be surgery. A percent here a percent there, should you really care that much? This should be one of many things you're doing.

This isn't to knock you, it is a mindset that you have to have to be a successful surgeon. I understand that, in 12 days my kid gets his white jacket.

I don't think you're going to find the answer you want because very few of us are going to get that mircoscopic in discussion. Why? no purpose, no need and not necessary.

 

[rex]

My handwriting and spelling are worse

 

[VolAgent]

KISS Rex KISS. Not everything has to be surgery. A percent here a percent there, should you really care that much? This should be one of many things you're doing.

This isn't to knock you, it is a mindset that you have to have to be a successful surgeon. I understand that, in 12 days my kid gets his white jacket.

I don't think you're going to find the answer you want because very few of us are going to get that mircoscopic in discussion. Why? no purpose, no need and not necessary.

We should frame that for every future conversation about PI with non-agents. We get so wrapped up in the ROR on PI versus investments. And who really knows what they are going to be, all we have is past performance, and you can always pick your period to make your preferred product shine.

 

[rex]

I didn't want it complex. Im not sure why I'd want that criteria. If someone doesn't tell u a 412i is complex, how do u know it is. It took me a long time to figure out he wad lying to me. I don't want to get into the details unless someone is curious about 412i, which I later spent a lot of time trying to understand.

 

[LGilmore]

Rex, Think Karate Kid.."Tax on...Tax off"

I have to ask, would you have bought if the guy simply said " Here is a policy you can't outlive, will grow in both death benefit and cash values, is available without penalty if you need cash prematurely for anything you need.

"I didn't want it complex" is sort of like me telling the doc who treats my type II " but I eat healthy", which I do, but do you see many skinny elephants?



I guess it comes down to asking "why" alot. Why do I want to do it this way? Why not another way? Why should I worry about the IRS? If the guy can't explain clearly the answer do the dumbest guy in the room gets it, keep asking.

 

[rex]

u brought up complex. im just saying it wasnt on my radar to create a complex or simple plan. when a patient comes to me, they can feel confident i am well trained and am unlikely to purposefully put them in a bad position. its not a problem if they ask some questions of me about my credentials and it is easy to look me up. i potentially wrongly assume that of other professionals in this case. i was sent to this guy by my accountant who i still like. i told my accountant i didnt understand the plan this guy was pushing but my accountant felt that this guy was a good person from some info he had, so he came with me and to briefly sumarize and to leave out a lot of details, the agent told both of us i would make/save a lot of money by maximizing my deductions and that this was the best way to buy whole life and we could buy it out for cheap. to someone unfamiliar with how this works, increasing your deductions sounds like a good thing and he is supposedly an insurance expert. After i found out he was lying to me, my accountant felt really bad and has yet to charge me for any tax work. if someone knows a lot more about a subject but wants to lie to you, its hard for you to figure this out initially. I imagine i could fool you if i wanted to on a variety of medical issues but the idea to do so has never occurred to me. The state commissioner actually reviewed this and found the agent's testimony not credible and referred the case on to the DOL bc it involves a DB plan since that isnt covered under the state's insurance laws. The DOL hasnt finished doing whatever it is they are going to do which i guess will be turn it over to the IRS. i could take him to court but is it worth the time and will i recover the money. i dont have an answer for that either. just be sure to educate your young one.

 

[LGilmore]

Rex, I feel for you man, I honestly do. A guy like that, makes it hard for a guy like me.

What's the Reaganism, "trust but verify"? In your profession, it's a "second opinion".

I have a feeling no down side was given during this pitch back when they did it, yes?

I'm kinda bad that way, I cover the bad or down side so the client can understand and decide if the ups are worth the downs.

It sucks to have your trust and money yanked around. I hope things work out for you.

Thanks, the boy, although light years smarter than me, still listens to me.

 

[dgoldenz]

KISS wins 9 times out of 10. That sums up 16 pages of this thread pretty well if you ask me.

 

[scagnt83]

Go read my first post on page 4.

What does that have anything to do with your comment about.... and I quote: "HUGE COMMISSIONS" and "greedy salespeople" ??

Even if I was greedy and did not overfund the policy to the max (the less it is overfunded the more you make); I would still make THOUSANDS less than a stock broker would....

 

[Larry Tew]

What does that have anything to do with your comment about.... and I quote: "HUGE COMMISSIONS" and "greedy salespeople" ??

Even if I was greedy and did not overfund the policy to the max (the less it is overfunded the more you make); I would still make THOUSANDS less than a stock broker would....

bluefin proves you can't fix stupid.