Warning: This blog and video may not be suitable for children or any sensitive adults.
Welcome to our financial service industry…
The Insurance Salesman, we all know at least one of them. But what you probably don’t know is how one becomes an insurance salesmen. After all, this is not a sought out profession, one does not dream of, nor strive towards becoming an insurance agent. When my father asked me as a young man what I wanted to be when I grew up, insurance sales did not even round out on my top ten list. So in an industry that is unattractive, an industry that carries a negative connotation everywhere you go, and is a career never sought after… my question is why are there so many? Why do we all know at least one of them? What are these “financial service” companies telling these potential agents and what are these agents not telling us? Well you are in luck! I was recently invited to one of their recruiting “Kool Aid” drinking paloozas’ and I was speechless… This does not happen often, but when it does I shut my mouth and open my ears and what I heard was truly unbelievable. I sat there from 4pm when the event began and ended up walking out mid presentation at 7:30pm. Yes 3 and a half hours and it still wasn’t over? What happened in the meeting? What was it about?
Without further ado come with me on a journey of what actually happens behind the scenes of your trusted financial industry presentations.
February 11, 2018.
- 4:00pm: I am greeted outside of the parking lot and directed downstairs where I could hear the sound of beat music coming from two very large speakers. From there I was handed off to another smiling face who led me to the registration table asking for name, address, and signature. Before I could finish signing my name I was introduced to new, young, and successful agents and their significant others. Later, I learn it’s much easier to sell when you bring your wife to the initial sale. It makes the new “clients” feel safe, secure, and more comfortable letting their guards down and their trusts up. Enabling for a higher closing percentage.
- Music, signs, and strategic placement of agents were all set up with one purpose in mind, distraction from what was really happening. The music gave a party atmosphere with friends, family, and even light snacks and refreshments. Coupled with signs like “Transform Tomorrow” and “We are tomorrow makers,” to make you feel like you were going to miss out if you didn’t join the cause. It was like being a pawn moved around a chess board, but instead I was being dragged around a cold conference room, that felt like a three day old frat party, by college drop outs, who coincidentally were their top selling salesmen, to help pursue my acceptance.
- The presentation was equally premeditated. First on the mic was the owner Micky, “a salesman of salesmen” Used humor like, “I owe, I owe, I owe, off to work I go” and “Last time I looked the mortality table was at 100%.” He also loved using the rule of 72, or the money doubling rule, as examples, in order to make it look like a lot more money. Especially when he tells you there is no need to pay taxes on your gains.
- Next up David the young and full of zeal salesman. Your own boss, only $100 to start up your very own business. No education is required, preferably no brain either. Timeline example:
- Lastly the owners sweet wife, Linh who put a women’s loving touch on it. She preyed on people’s emotions making them feel that if you don’t buy into their crappy universal policy you are a bad person who doesn’t love your family.
- IRS code IRC0072 = NO Taxes! its how the rich get richer, they’ve been dong it for years! Not so fast, slick Rick. I’ve done some researching and I found this loophole they mentioned and it is illegal! By using this IRS code you are denouncing your American citizenship and/or telling the IRS that you are not a “person” according to their definition. The IRS is completely aware that people are trying to use this code in order to sidestep paying federal income taxes. The penalties are severe. First you must pay all back taxes plus interest then civil and or criminal charges may follow.
- FFIUL – Financial Freedom Index Universal Life is the product they push. Indexed universal is a life insurance policy that links the policy’s cash value component to a stock market index like the Standard & Poor’s 500. Your gains are determined by a formula, which is outlined in the policy. Your cash value doesn’t take full advantage of stock market gains. Understand the policy’s fees and participation rates and the cap on your return before you buy. So in other words, you don’t need to pay taxes if there isn’t any gains when its time to collect!
- This is all made possible by AEGON, the Financial Service shielding company in the Netherlands. Transamerica is their American brand, while WFG is under their umbrella.
- Currently on the WFG website they have a scam notice, issuing a statement warning potential buyers that there are scammers using their name and logo offering personal loans to households and individuals.
My Early Departure
- 7:30pm Enough was enough, I felt like sick and disgusted. I got up and made my way to the door. Just when I felt the fresh untainted air on my face and in my lungs, a hand grabbed my shoulder. It was David for one last sales pitch. I told him I was not interested and slowly kept moving towards the stairs, towards my freedom. He told me he would contact me when he got back home and I quickly made my escape. It is now February 21, 2018 and no sign of him, much to my relief.
Life insurance is necessary for everyone. Ensuring protection and funds for your loved ones when your time is up. Knowing this, these crooks prey on family’s emotional strings and sell them insurances they don’t need in order to get the most commission.
Saving Sense proposes we educate Americans on the main two types of insurances (Term and Whole Life), and each person decides for themselves what coverage they need for their specific stage in life. They must do their due diligence to decide the right insurance for their family. If you take the time to research the best auto insurance, don’t you think you should take even more time choosing your LIFE insurance? I mean, come on, this is your life, savings, and loved ones we are talking about here!
- Not all financial service companies are money hungry scammers, but unfortunately, most are. So it is imperative that you do your homework and ask the right questions. Just like Momma always said if it sounds too good to be true then, it probably is. One company that I personally trust and can stand beside is Primerica. Their strategy is to buy term and invest the rest. Which means you get coverage when you need it the most, and with sound investments, you and your loved ones will have more than enough money not only if, God forbid, you were to die prematurely, but also for living in your later years. Also, I personally know one of their representatives and he is a great man. He is a retired Air Force pilot so he knows courage, loyalty, and honor. He has a vast knowledge on finances, giving him the ability to help people without the lust of greed or personal gain. Lastly and most importantly, he has a wonderful, loving, and church going family that leads by example. “Treating people the way they want to be treated.” I trust him with my finances, my family, and even my life.