<the_sarp[at]yahoo.com> wrote in message
news:1140361325.800916.202240[at]g14g2000cwa.googlegroups.com...
- quote -

COMMENT:

That is one man's opinion...........
Cal Lester CLU

You might want to read a book called "The Only Investment Guide You'll
Ever Need," by Andrew Tobias.

It explains a lot about things like this and tells you the traps that
are set for you by salespeople.

It is not really the only investment guide you will ever need, but it
is specifically geared to people who want to invest for their
retirement.

I just finished reading it.

sarp

speednxs
Thanks for the post.

I passed on the info you told to my friend. He has already complained
with the State Department
of Insurance that regualtes insurance agents. The VUL policy was issued
back in Aug 18th,2005 but he
did not get any paperwork until now.So he could not use the free look
period.We are also trying to
get the agent to cancel this for him with no fees.

We are trying to force the agent to get us out of both without any fees
since it
was his fault.If that does not work out then we plan the legal route.

My friend was not explained at all by this crook agent.All he was told
was that he will 10% returns each year and by his retirement he will
have a Million $.That blinded my friend.All this without any written
paperwork.My friend fell for it.Its scary that these agents will tell
anything to sell products on innocent people.

I will post updates.
Thanks again
-Paul

Your friends best move may be to wait out the surrender period (7
years?). That may, mathematically, be the best move. As you note,
early termination may be a disaster.

I understand your friends anger. I was given a sales presentation on
various annuties and felt they were far from honest. They referred to
a product by it's "teaser rate". The fact that it goes away after a
short period wasn't even mentioned until I specifically asked about it.
They didn't clearly distinguish between return of principle and
interest rate. I got the feeling that they could say anything verbally
because courts only look at written agreements.

I think there is some latin phrase about caves and emperors, but I
can't remember what it is

Guys
My friend wants to get out of a Variable Univeral Life (VUL) and UL
policies that he was sold by an insurance agent. The policies are from
Phoenix. Problem is he has laready paid a huge premium on those
(apporx. $25K) and now can't get out bcaz there are huge surrender
fees. If you deduct the surrender fees the policies are now worthless.

The agent lied to him and sold the policies.The agent did not tell
anything about the fees, risks etc.My friend realized that he has been
taken and wants out. Should he take legal action against this crook to
get the money back?. The policies themselves are from another insurance
company.

Any suggestions woudl be helpful.

Thx a bunch !!