• Report: #223737

Complaint Review: World Financial Group

  • Submitted: Mon, December 04, 2006
  • Updated: Thu, March 15, 2007

  • Reported By:Murphy Texas
World Financial Group

World Financial Group Do not become a victim of WFG salesman COLUMBUS Ohio

*UPDATE EX-employee responds: Again

*UPDATE Employee: Hard to believe

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Be careful if your friends introduce a WFG salsman to you. the salesman may mislead and cheat you when he introduces WFG life insurance products. I had the exprerience several months ago. my friend introduced a WFG Salesman to me in June of 2006, after I told her my financial status, she let me buy VUL, she did not introduce other products such as (term, whole life, universal life), she totally rag on VUL with vigor and zeal, but she never told me the shortcommings about VUL(for example,surrender charge, high insurance fees, load and unload fees, management fees), then she pushed me to sign some paper , and gave her check($600).

After I signed the paper work, she did not tell me about grace period, after I got my policy document, she pushed me to put more money to my account, she told that the sooner and the more I put money on my account, the more I would earn. Actually the more money I put on my account, the less the possiblity I cancel my policy because of the surrender change.

Following is the four steps WFG salesmant mislead and cheat you:
1. Recommand you buying VUL without telling you fees and charges.

Actually VUL is not a good product, you need to pay more for your insurance if your investmment is not good, you may pay more than the the tax benefit you can from it. So please consider term life insuance first when you buy lift insurance, and consider 401K and IRA first if you want to benefit from tax deduction. Never buy VUL, since it is very complicated and difficult to manage.
2. push you sign paper work
3.Let to write a check.
4. push you put more money on your account.

you are very easy to become a victim, because the salesmen are often introduced by your friends

Murphy, Texas

This report was posted on Ripoff Report on 12/04/2006 04:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group/COLUMBUS-Ohio-43235/World-Financial-Group-Do-not-become-a-victim-of-WFG-salesman-COLUMBUS-Ohio-223737. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE EX-employee responds


AUTHOR: Carmine - (U.S.A.)

I was sold a VUL policy through Western Reserve... and guess what, I WAS NEVER told of a surrender charge, even after having taken the life insurance class I had no idea what it was. Even better is finding out you have 10 days to revoke, which the address on my policy for Western Reserve was incorrect as well (hmm, I wonder if they planned that). VUL is a life insurance policy, and should ONLY be purchased for this purpose it is not a retirement plan, it is not an investment vehicle (stating either is negligent misrepresentation).

Stating the VUL is to be used as a retirement plan suggests it is an investment vehicle' and this in violation of the Securities Regulations. Your license should be revoked immediately.

Again, your gross exaggerations and speculations on having hundreds of thousands of dollars are in violation of the Securities Exchange Provisions.
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#2 UPDATE Employee

Hard to believe

AUTHOR: Ryan - (U.S.A.)

It's hard to believe that you didn't know the surrender charges associated with the contract. WFG agents use softare that shows you up front what money you will be making by putting in a certain amount of money per year. It also shows you the penalty charges if you cancel the contract in a certain time.

The object of the VUL is a long term commitment, to be used as a retirement plan. By signing the contract you have a nurse come to your home, give you a full blood and urine test. (that cost money). Then your paying for the salesperson time and commision, and also the money is being spent on the corporate office people that are doing all the paper work and adminstrative work. Your not charged any fee's for signing up, but they count on using the interest they'll be earning on your account to pay for all the behind the scenes work.
VUL's should be had for 10,20, or 30 years. At the end of that period you may have hundreds of thousands of dollars due to compounding interesting to retire with or do as you please.
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