The problem is the company like WFG, the agents are in wide skill range. I do not expect the very high skilled people will service me. I do not have much money to give them. I do not like serviced by a "low" level agent as well.
Before I know WFG, I have talked to a few financial planers. Non of them are "high" skill. Most of them are "good" people.
My purpose is to get resource to learn by myself. I spend one + year, read 4 to 5 books. ask question to 4 or 5 marketing directors. Have about one hour talk with a CEO (actually he is not in my upline. He is in another line but in the same city I live in.
After one year study, I understand how to structure whole life insurance.
Tha basic principal is not hard to understand. The buyer need to put as much money in the policy in first few years, that way, the cost (admin and life insurance part use the minimum percentage of your fund).
Usually if you use life insurance as a investment tool, it is teh same as you invest in mutual fund. The positive side is no tax, the negetive side is higher admin cost and insurance cost. If you insure the same face value say $500,000 (if you die, the company pay you $500,000). the admin and insurance cost is calculated as your age and soemthing. If you invest th eminimum payment, the most of money pay to that part, very less money goes to invest account, or say cash value.
So the way to do is to invest as much as possible in first few years. So the admin and insurance cost is relatively less.
For example, you put $100,000 in account, the admin and insurance is $600 per year, it is 0.6%, the policy has 1% return gusrantee, you are guaranteed not loss money.
Actually, you can not put $100,000 in first year, but you can put in about 3 to 4 years.
That is why I say it is for rich people, you need to prepare above $100,000 in first few years. It is after tax money. I am sure I am not put all of my money in one basket.
Most people/ agents do not know, they usually tell people that you can use about $30 per month to buy a good insurance policy and have investment as well. Thos epolicy usually has no investment value. As whole life may have higher cost compare with term life.
My suggestion is you come, you learn, you buy after you learn and understand. Never buy anything you do not fully understand. If you bought a bad product, that is your fault, because you bought before you understand.
I only buy after I understand. WFG is a good resource for learn. I only trust myself. I think that I get more that I cost. the knowledge I got is much more than $100. Not like other multi-level marketing system, it never force you buy anything.
Before I know WFG, I have talked to a few financial planers. Non of them are "high" skill. Most of them are "good" people.
My purpose is to get resource to learn by myself. I spend one + year, read 4 to 5 books. ask question to 4 or 5 marketing directors. Have about one hour talk with a CEO (actually he is not in my upline. He is in another line but in the same city I live in.
After one year study, I understand how to structure whole life insurance.
Tha basic principal is not hard to understand. The buyer need to put as much money in the policy in first few years, that way, the cost (admin and life insurance part use the minimum percentage of your fund).
Usually if you use life insurance as a investment tool, it is teh same as you invest in mutual fund. The positive side is no tax, the negetive side is higher admin cost and insurance cost. If you insure the same face value say $500,000 (if you die, the company pay you $500,000). the admin and insurance cost is calculated as your age and soemthing. If you invest th eminimum payment, the most of money pay to that part, very less money goes to invest account, or say cash value.
So the way to do is to invest as much as possible in first few years. So the admin and insurance cost is relatively less.
For example, you put $100,000 in account, the admin and insurance is $600 per year, it is 0.6%, the policy has 1% return gusrantee, you are guaranteed not loss money.
Actually, you can not put $100,000 in first year, but you can put in about 3 to 4 years.
That is why I say it is for rich people, you need to prepare above $100,000 in first few years. It is after tax money. I am sure I am not put all of my money in one basket.
Most people/ agents do not know, they usually tell people that you can use about $30 per month to buy a good insurance policy and have investment as well. Thos epolicy usually has no investment value. As whole life may have higher cost compare with term life.
My suggestion is you come, you learn, you buy after you learn and understand. Never buy anything you do not fully understand. If you bought a bad product, that is your fault, because you bought before you understand.
I only buy after I understand. WFG is a good resource for learn. I only trust myself. I think that I get more that I cost. the knowledge I got is much more than $100. Not like other multi-level marketing system, it never force you buy anything.
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