Be careful if your friends introduce a WFG salsman to you. The salesman may mislead and cheat you when he introduces WFG life insurance products. I had the exprerience several months ago. My friend introduced a WFG Salesman to me in June of after I told her my financial status, she let me buy VUL, she did not introduce other products such as (term, whole life, universal life), she totally rag on VUL with vigor and zeal, but she never told me the shortcommings about VUL (for example, surrender charge, high insurance fees, load and unload fees, management fees), then she pushed me to sign some paper, and gave her check ($600).
After I signed the paper work, she did not tell me about grace period, after I got my policy document, she pushed me to put more money to my account, she told that the sooner and the more I put money on my account, the more I would earn. Actually the more money I put on my account, the less the possiblity I cancel my policy because of the surrender change.
Following is the four steps WFG salesmant mislead and cheat you:
1. Recommand you buying VUL without telling you fees and charges.
Actually VUL is not a good product, you need to pay more for your insurance if your investmment is not good, you may pay more than the the tax benefit you can from it. So please consider term life insuance first when you buy lift insurance, and consider 401K and IRA first if you want to benefit from tax deduction. Never buy VUL, since it is very complicated and difficult to manage.
2. Push you sign paper work
3. Let to write a check.
4. Push you put more money on your account.
You are very easy to become a victim, because the salesmen are often introduced by your friends
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