My friend, 65 years old, signed up with WFG 2 years ago. He is now the proud owner of two piece of *** houses in Bakersfield, with interest only loans!
They advised him to take all the equity out of his 51 year-old house, and buy the 2 homes with interest only loans! Not only is he over $1million in debt, he should have retired after 42 years in the same industry, but he can't, because he's paying on these homes and the values have dropped so significantly, that he is working 60 yours/week to stay afloat! He might even lose his own home!
I know another lady, Spanish-Speaking, that was "advised" by another rep to take all the equity out of her home, and invest in an EIUL insurance policy! (Equity Indexed Universal Life or Universal Variable Life) She is 79 and about to lose her home!
People--NEVER take out your equity for an investment, especailly in a variable universal life product! They steal your wealth! You will have nothing left in the policy at the end! NOTHING!
The scams go on. Why those are even legal is beyond me. BUY TERM AND INVEST THE DIFFERENCE! HAS WORKED FOR 40 YEARS!
BUY TERM AND INVEST THE DIFFERENCE. NEVER BUNDLE YOUR SAVINGS WITH YOUR INSURANCE! You don't do that with your car insurance, or your homeowners insurance!
Don't do it--EVER!
Location: San Francisco, California