There isn't a WL policy that shows higher CV in the guaranteed column. The guaranteed column will typically be substantially lower. It illustrates no dividends being paid ever.What's there to misunderstand? If the illustration shows a higher CV under the guaranteed column and it's way less than that, it's a scam. Talking heads can rationalize it all you want.
Simple interest? I thought the selling point of these insurance policies was the compound interest? Here, the CV compounded itself to less than what was put in and you are justifying that?
He's saying the client hasn't broken even yet. (his CV hasn't equaled his premium paid in) Don't forget, there is a cost of insurance to be paid each year. Its not a savings account. The costs go down substantially over time, but are the highest at the start. Most will have broken even by year 10 if designed and funded correctly. Some a couple years sooner.