Well here is my story...Although I am only 26 years old, I was looking to change my current life insurance plan in hopes of obtaining a better plan. My cousin had just gotten involved with WFG and I asked him if we can set up an appointment, which we eventually did with one of the "team leaders" of WFG. Of course he pushed me to only buy the EIUL, which he also mentioned it was a 'great investment', and now I've learned that it is illegal for him to have said that. He signed me up for a premium of $215 a month for $500K. After filling out the life insurance application, he recruited me to join WFG which I had to pay $100 for the background check and was asked to attend at least 2 times a week meetings.
Since I am a mother of 2, I only attended one meeting in West Covina and decide that with that it was enough for me. As you all know gas is very expensive now a days and I was not going to spend my money on this so called company that promised me to financial security practically overnite.
Yes, the leader got quite upset and hurt that no one was attending the meetings. So I finally broke it down to him and told him I could not make a commitment to something I did not really believe in.
I was still waiting for the insurance policy, but thanks to this website I called them and asked them to cancel my policy since I just learned that there is a surrender fee which I am sure I will not be able to afford. I've called my cousin and asked to him to call anyone else he has referred and have them cancel their policy before the 10 days after issue; before it's too late.
I have learned a very important lesson; everyone should do their research before they commit to anything and read between the lines; specially if a signature is required. Lesson learned!