Consumers Beware life insurance companies are still playing on our ignorance

Years ago I invested ( so I thought) into 3 whole life policies, thinking each one of my children would have enough money for college when they turned 18. Too my surprise years later when I became licensed in the industry, I actually learned how to read all the twisted big wording in these policies and realized by the time they reached 18, I would have about $18 for their tuition, I thought to my self, WOW, that's not enough to buy a book. The industry wants to keep us in the dark, because that's how they continue to line their pockets.

There are about 6 things wrong with Cash Value ( Whole,universal,variable life) lets look at Whole life:
1. Very expensive, they over charge You by 55% to fund the cash value
2. Rate of return is too low 1-4%, you could do way better in a Mutual fund
3.You have to borrow your cash Value ( whose Money is it, remember they overcharged you by 55%)
4. You have to pay back what you borrowed ( from your own money with interest, which is 6-8%), but they only pay you 1-4%, they say you don't have to pay it back, however they will deduct it from your death benefit if you don't.
5. If you take all your cash value,you must give up your insurance, don't get sick, then you may not be able to qualify for another insurance plan.
6 This is the worst-- If you pass away and say, your death benefit is $100k, you never took a loan and you built up $30k in cash, your family will get $130k, Right? Wrong the company keeps the 30k and gives your family the $100k. So in essence, they only came out their pocket $70k.

There is a solution, join me next time for the answer

Helena Clemons is a licensed life and health insurance agent, for more details, contact her at 404-919-7961