Good afternoon, PF-
As a former broker, I've always tried to look the other way when massive IUL/VUL permanent life insurance policies were blindly recommended due to massive upfront commissions paid out. Due to the insurance industry not having a federal regulator, it is up to individual states to police the rampant deception and fraud that's occurring. Today I will no longer will be indifferent to the fraud taking place.
Curtis Ray of SunCor Financial in Gilbert, AZ (TikTok, YouTube, LinkedIn, etc.) is proclaiming that his all powerful MPI "Maximum Premium Indexing" account is a unique and proprietary product, when in reality it is an old Mutual of Omaha product that is similar to every single IUL in the marketplace. He has recruited over 100 agents across the country to preach his wisdom without any disclosures, disclaimers, or realistic projections.
What is an MPI Account aka IUL? At best, it's a complicated permanent life insurance product that puts guardrails on your "investment" strategy. It can be creatively used to take out money tax-free in a tax sheltered vehicle, given the right circumstances. At worst, it's an insanely over-leveraged, high risk, high cost and high commission account that locks you in for 15 years of premiums before you can change your mind without insane surrender charges.
Currently on all channels of social media and www.mympi.com , the fraud is currently taking place at an epic scale. Curtis touts over 2,000+ policies totaling $20,000,000.00 in value have already been written. He proudly touts "math" as his north star, but he is insanely and unrealistically optimistic with all of his assumptions. This product has never seen a low-growth, low interest rate environment. When you have your entire portfolio value at 4-6% leverage working against the returns, it's only a ticking time bomb.
Please do your research and invest accordingly. Insurance nowadays is disguised as investing, and it almost always is at the direct benefit of the insurance company. I have submitted complaints with two states thus far.
Submitted December 17, 2020 at 06:41PM by TheNewStreet https://ift.tt/2Wqbqkj
