6 months ago, my mother-in-law came over with her "Financial Adviser". Financial adviser was this well dressed Vietnamese gentleman in a suit. He sold her life insurance 5 years ago and she(MIL) has been paying ever since.
Background information about our family, we are first generation (Vietnamese) Americans who are bad at English, so we don't know much about how life insurance works. He showed us graphs and charts about how our investment grows, and how compounding interesting works and how rich we'll be if one of us dies, and about this and that.
My MIL with this gentleman convinced my wife and me to both get life insurance policies through "oh if you die, what will happen?" this and that.
Fast forward to two days ago, my coworkers convinced me to cancel my insurance, and he(guy who sold the insurance) absolutely refuses when I made the call!
I said " I cannot pay because I have kids, a mortgage, car payments. his reply "Oh, that's exactly why you need life insurance! if you die who will pay those bills". then I tried to get him to cancel and he said "Oh, 65$ a month, that's only a beers and meals, you just have to go without it" .
I said "Please sir, can you cancel the policy for me" and he said "OK, just wait for the forms, ill send them to you". I said "How long will it take for the cancel forms to reach my house?" he said "Who knows really, it can take be whenever." and I told him, please send the forms as soon as possible or I will call the CORPORATE OFFICE to do it.
Yesterday he actually went behind my back and called my wife to talk to her to convince her this and that!
Today I called him back, and after a lot of "oh, you make me feel so sad.. why must you put your family at risk" and he said "Oh, can you please keep the policy for another 6 months so you would have hold it for at least a year? till then, we can talk about it." and so now he still refuses to do any policy canceling. Right now I have the autopayment through my bank account and it is withdrawing the premium in two days and I really don't want to pay for this policy for the rest of my life (I ALREADY HAVE certain insurance through work, which I think are better than his)
Our policy is with TransAmerica, I am 35 years old, and my policy is for $100,000, and my payment is 65$/mnth.
Can I cancel straight through TransAmerica? My wife is afraid that he'll talk bad to my MIL if we cancel with him.
I am bad at english so I have my nephew type this. He'll translate the replies.
Submitted March 01, 2017 at 10:33AM by hullor http://ift.tt/2mKUW2g
