An interest article in ourlocal newspaper said Life Insurnce companies are setting up accounts for the beneficiary to use and proviing checks that they can write out one lump some or individual checks. They are not putting the money into a bank account they are using there general fund setup through a bank to provide the money. The insurance company is receiving around 4% interest and they are giving the beneficiary 1% interest on the account. How do these companies sleep at night?
I have a different experience with Andrew Haley, I met him back in 1999 when I just go out of boot camp. He sold me a $50,000, 20 years life insurance policy for $30 per month payment plan. He explain to me that if I happen too die within the next 20 years my family will get a check for $50k. Within the first 7 years of my $30 monthly contribution will go toward the cost of the the policy and after 7 years have elapse then I will start to accumulate a balance in my saving and that saving account will grow at the rate of a guarantee minimum of 6%. And at the end of 20 years, all the the money that I put in during the first 7 years will be refunded back to me and will be deposit in my savings account which will continue to earn a 6% annual return.
Well as of today my 20 years policy has matured and and yes everything Andrew promise I received.
Today I have a career as a mortgage loan originator and I can tell you based on my experience with the general population, most do not understand whatever you explain to them. I am sure Andrew explain in honest term about the policy he’s selling to all those young kids straight out of bootcamp, and I am pretty sure those young kids misunderstood Andrew and only hear what they want to hear then miss-label Andrew a con man.
An interest article in ourlocal newspaper said Life Insurnce companies are setting up accounts for the beneficiary to use and proviing checks that they can write out one lump some or individual checks. They are not putting the money into a bank account they are using there general fund setup through a bank to provide the money. The insurance company is receiving around 4% interest and they are giving the beneficiary 1% interest on the account. How do these companies sleep at night?
Just found this article today December 3rd 20019,
I have a different experience with Andrew Haley, I met him back in 1999 when I just go out of boot camp. He sold me a $50,000, 20 years life insurance policy for $30 per month payment plan. He explain to me that if I happen too die within the next 20 years my family will get a check for $50k. Within the first 7 years of my $30 monthly contribution will go toward the cost of the the policy and after 7 years have elapse then I will start to accumulate a balance in my saving and that saving account will grow at the rate of a guarantee minimum of 6%. And at the end of 20 years, all the the money that I put in during the first 7 years will be refunded back to me and will be deposit in my savings account which will continue to earn a 6% annual return.
Well as of today my 20 years policy has matured and and yes everything Andrew promise I received.
Today I have a career as a mortgage loan originator and I can tell you based on my experience with the general population, most do not understand whatever you explain to them. I am sure Andrew explain in honest term about the policy he’s selling to all those young kids straight out of bootcamp, and I am pretty sure those young kids misunderstood Andrew and only hear what they want to hear then miss-label Andrew a con man.