I ran across a contact yesterday that was screwed by another agent(maybe?). Here is what happened.
The woman is 84 years old and had two small 3K$ fe policies with two different companies. An agent went to her and talked her into getting the cash out of these two policies and then rewriting them into one new policy of 6k $ for almost $95 per month. Before rewriting the policies she was paying less than $60 per month total. She thought she was going to receive a total of $1600 to $2000 cash out value on the two older policies.
For some reason this just doesn't seem right to me. Any comments?
The woman is 84 years old and had two small 3K$ fe policies with two different companies. An agent went to her and talked her into getting the cash out of these two policies and then rewriting them into one new policy of 6k $ for almost $95 per month. Before rewriting the policies she was paying less than $60 per month total. She thought she was going to receive a total of $1600 to $2000 cash out value on the two older policies.
For some reason this just doesn't seem right to me. Any comments?