Just Cancelled Our WFG Life Insurance Policies

Just Cancelled Our WFG Life Insurance Policies

Reddit Post Excerpt:
"I went to an actual licensed professional broker this time, and she helped me fill out the cancellation forms to make them airtight. (Her plum in the pie is getting us as clients for a different policy, but it's MUCH smaller and more bare-bones.) We faxed the forms off today. We'll lose a huge chunk..."

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Disclaimer: The information contained on the Lance McGowan YouTube channel and videos are provided for general and educational purposes only and do not constitute any legal, medical or other professional advice on any subject matter. These statements have not been evaluated by the FDA and are not intended to diagnose, treat or cure any disease. Always seek the advice of your physician or other qualified health professional prior to starting any new diet or treatment and with any questions you may have regarding a medical condition. If you have or suspect that you have a medical problem, promptly contact your health care provider.

[ginaquintanilla]

I'm an independent licensed agent and I feel a tremendous responsibility to inform people over pushing a product as I don't rely on commission. Along with my own policy...I got tangled into this MLM under the guise of financial education but they now want me to recruit to advance. They use friends and family to break through the trust barrier so ppl accept the poorly designed (mainly because the producer has no idea what they are doing) products mostly from Transamerica. As i did my due diligence educating myself outside WFG, I realized i'd been had, or as you put it paid my "tuition".. I won't do that to friends and family. Their tactics are underhanded .

[andylester]

Thanks Lance for offering an unbiased perspective and calling out the customer for taking zero responsibility for their decisions. As a state licensed agent I can tell you that IULs are quite expensive compared to "regular" life insurance policies (whole & term). IULs are unique and have many features and options to offer customers guaranteed rates of gain, guaranteed no loss of principle, compounding interest, no penalty withdrawals so you can be your own bank, and many more... IULs are one of the most sought after policies, and were created by E.F. Hutton, you may remember their slogan - "When EF Hutton talks, people listen". EF Hutton was a securities brokerage company that found that life insurance policies were not subject to the same laws as other securities products (stocks, bonds, mutual funds), and therefore could be used as powerful investment vehicles with the added benefit of life insurance, and many other benefits. IULs are the Rolls Royce of insurance policies simply because they guarantee to keep customers money very safe & secure, with massive growth potential over time. The case you are describing is a simple case of buyers remorse. Possibly the customer did not want to continue to pay the premiums for a Rolls Royce policy for the length of time it would take to pay off big. Instead they opted for a short "Term" policy which are very inexpensive because the insurance company rarely has to pay out. I'm 56... If I bought a 10 year "Term" policy it would be very cheap because I'm highly unlikely to die before age 66, and after the term is done I would have nothing. With an IUL you have a life-long investment vehicle that rivals the best the stock market has to offer with no-loss guarantees as long as you pay the premiums, and your family gets the death benefit which allows you to create an estate you can pass down to your family after you die, which you may not have had otherwise. There are VERY strict laws about not selling policies that are not suitable for customers... so the entire premise of this customers complaint does not make sense based on the rules the agent MUST follow and how tightly regulated the industry is. In addition, the customer stated the Agent made a massive commission, but in a previous video I watched a former insurance agent said you should not sign up with WFG because their commissions are way lower than with "regular insurance companies". Sounds like the WFG haters can't make up their minds... Do WFG agents make too much or too little... It seems to depend on how they are trying to disparage a company they clearly know very little about. In my dealings with WFG I have found the company to be lucrative, stable, with very hard working professionally licensed people, who have easy access to experienced professionals in all areas of the business to answer any questions they may have to support a customer's needs. I would purchase insurance products from this company (and have) based on their integrity, professionalism, and deep knowledge of the products they provide.

[howardpampolino]

Exactly agree, is how people do business. When you sign up. You get an agent code which you can use to start a business yourself. You become a broker, you get licensed. It's legit. People who fail at this is those who don't treat it like a business. You don't have to recruit, wfg offers many companies where you can sell products. You are the broker, you get licensed to sell what you want to sell to clients. It is your own business.

[eliasperez]

I agree with you. This video is very informative. I like that your not one sided. There’s many people in WFG as brokers that are not as knowledgeable about the products that they are convincing their clients about. Some think the IUL is the best thing since slice bread and yes IUL’s are great but only if it was properly educated to the client.
WFG brokers have the same licenses as other financial companies and firms. It all balls down to who takes their work seriously. Some people are in it for the money and some people are in in for pleasing their client. Although there are some cases where agents weren’t trained properly. So many different factors to look in to. WFG is a platform you can utilize to build something great. A really don’t understand why is it that the agent didn’t do an FNA to help guide him or her to the actual need for the client. In end we will never know what happened. Hopefully the agent and the client learns from their mistakes.

[noctisthecat]

I had to unfortunately cut off a friend from high school that dragged me to an WFG presentation. To top it off, it was on a Saturday morning and had to work in the afternoon that day. It was a total waste of time, and the speaker was very condescending towards people that have actual jobs, referring as "W-2ers" that were a waste of time to her.

[stephanieramirez]

No disrespect Lance however the title is misleading. WFG is a distribution company of financial products similarly to Edward Jones or Charles Schwab, WFG doesn't have a product? They have providers for example, Transamerica, Nationwide, Pacific Life, Prudential.. etc. Also, the company has 60, 000 agents across the US and Canada and all offices are independently owned and operated just as H&R block is. It's unfortunate your service experience isn't how mine went. -Unbiased Consumer

[jeffronoloyo]

i work for wfg, did not completely disagree with everything you said, but def appreciate the unbiased critique

[nathanguice]

Wfg doesn’t have products yes, but wfg agents have power over how they sell the products from other companies like pacific life, transAmerica etc... that’s where the scamming comes in. For example the IUL was meant to be a 20-30 year investment, and the price and fees for that account is based on health. so if they sell it to a 70 year old in bad health not only will it be at an expensive cost but that 70 year old probably won’t live to enjoy it. Wfg is a great company but there are a lot of bad apples. Ima wfg vet I was in the company from 2012-2014 and I was doing great and had 30 licensed agents under me at 20 years old I left to start a company with my family.

[Rixhflex]

No one is perfect so if you have a business like amazon that everyone likes shopping at. once a incident happens the consumer is unhappy and now will talk badly about the company. Which is bias information for the entire company. a couple bad apples it does not harm the tree. The bad apple will just fall off eventually. WFG isn’t the actual problem it’s just for some of the teams that have bad leadership.

[cassidyeden]

Interesting since WFG doesn’t have life insurance. It’s unfortunate that the trainer went hard to recruit. That’s not how I was trained that way. WFG offers other a plus rated companies.

[MichaelJubrey]

I wonder how the client purchased or signed up for a product with an Unlicensed Producer ? As you mentioned they went with a licensed professional. I'm curious why a 1035 Exchange wasn't used? Or did the client just get a term LI policy? This is a somewhat biased video but you did a great job on pointing out some areas of concern that the client could have addressed.

[estudiandoaprendo]

You’re so wrong, WFG has no life insurance of their own. What you canceled was a policy from any one of the fortune 100 financial companies WFG has access to and markets.
✨

[lmdashley]

I've been this person you speak of. Since finding and listening to Dave Ramsey, I know that whole life policies are NOT the way to go - only term. Just cancelled one that I've had for decades and using it to help pay for my Bemer!

[apzano]

Universal life insurance is not index universal life insurance. They are two completely different products.

[jonmacist]

They agreed and signed the forms and new what they were getting, universal is hard to sell and not something usually offered so she must have asked for that product

[santiagoferro]

Hey men.. I just want to cancel my policy with them. HOW CAN I DO IT.. PLEASE ....???

[Rayasunshine_The_Traveler]

It’s all about education and helping... I’m with WFG, and I’m super excited to be with a company that helps to motivate, educate, and take families from good to great! We offer whole life, TermLB, Final Expense etc... yes some agents can do better as in every company... it’s funny how so many people spend time trying to discredit WFG... to make themselves LOOK better. If your company and products are better... just represent that.. stop hating... we’re non captive and help people change their lives... our compensation package is world class... no other company can hold a candle to us... and we don’t step on others toes... we don’t have to... we are the best!

[JuicyCandyProduction]

What is that customer service department number because I searched Wfg and there seems to be no way to get a hold of the company and the mailbox is always full and it just says”Hello” that’s all. when I spoke to the lady who signed me up for IA/WFG she just told me to cancel the payment through my bank and ignore them. That’s all she said and I told her that I wanted in writing because I don’t want to be in debt by just ignoring them.LIKE WTF! and she tried to sign me up true MLM! I wish I never signed with them! I want to cancel! Smh

[huntertownsend]

Wfg has my ssn and bank info. I did not sign however and ended the zoom call. I told them I want them to delete the info I gave them and they keep trying to zoom me. I've paid 100 for a license course which I'm not mad about. But can they charge my bank if document was not signed

[JorgeDiaz-hneb]

WFG is a Broker, WFG it is not a Insurance company, Got to school Lance search more,