An All-Too-Common Story About BAD Insurance Agents :(
A woman reached out to me recently to let me know that she loved my videos, but that she found somebody else on TikTok and was going to get an IUL through her – submitted the application and everything. But at the end, she started feeling like something wasn't right... She came across one of my videos that talked about the minimum death benefit and how that will get you the biggest cash value that you can leverage later on, and that's what you want when you're trying to accumulate funds to save for retirement.
And so she said, "Hey Casey, can I give you my, my policy? Can you look at this and let me know if it's set up correctly – I'm just kind of worried?"
And of course I said, yes, no problem – send it over. Well, this is a 32 year old female who wants to contribute $800 a month into an IUL to grow a cash value to save for retirement. And I go and I find the amount of death benefit she's purchasing, and I see the number $750,000 of death benefit. And I'm going, holy s***, why does she need that much death benefit? And so I ask her, "Hey, did you want all of this death benefit? Um, because you're only paying $800 and $750,000 is a lot of death benefit if you're trying to grow a cash value. That's never gonna work." And she was like, oh my gosh, I had a feeling that it was too much. She raised the amount of death benefit right at the end and told me it was a good idea. And I just said, okay.
Well, I said, "let me run some numbers for you. Let me see what $800 will do for you over here with the minimum amount of death benefit. Let's compare."
And so I go and I run the numbers. 32 year old female, $800 a month. The death benefit amount on that policy, $200,000 – over half a million dollars of extra death benefit that the other agent added onto her policy. She added over half a million dollars of extra death benefit. And you know why?
Because that agent was gonna walk away with a huge commission – around $10,000 for selling extra death benefit.
And so this woman canceled the application with the other agent and set up a policy with me instead because the other agent didn't even show her the long-term projections of the cash value and the retirement income, and so she didn't even see the results of what her money would do over time until she talked to me!
And I'm so honored to be in the position that I am and to be able to help people in this way, but it just blows my mind. Make sure that if you're buying an IUL, you want the minimum amount of death benefit. Don't be fooled. If you have questions, you need help, watch my videos and you can always reach out to me.
I'm more than happy to help and so is my team.
Power 3 Financial is not giving financial advice. We are not licensed financial advisors – our licenses are strictly in insurance-based solutions. The information we share is specific to the products that we work with and therefor cannot guaranteed that other agents outside of Power 3 Financial will have access to the products that we talk about.