Insurance Agent Forum

[Phillip Scheiber]

I read the posts to the latest discussion on the SPIA settlements. I will reiterate: GBTK is a scam.

Everything they promise is overstated and incomplete. They do not fulfill their promises. The data they use is skewed.

I had another bad experience with them when I found them charging me $97 a month for their 'newsletter'. This was after they promised 'no more charges' and I asked them in writing to cancel my contract with them.

Do your due diligence, and advise every one you know to NOT return their emails or phone calls inviting you to a meeting. You can get the same and more accurate information from your VSA membership.

[Freddie]

Originally Posted by tvrobertson

Immediate Legacy Experience:

Was unable to attend the seminar in OK City in late October and was invited to attend a Webinar a week later. Very interesting concept and discussed with attorney to get his thoughts - he agreed if the numbers stood up it all looked really good. When I asked about the SPIA returns during the webinar, Turbergen said he had 56 carriers to shop the best rate for each case. Pretty exciting.

I decided to verify the key necessity for his plan to work before signing up for his seminar: An 11.8% net annual return on a SPIA for an age 70 male. Unfortunately, I went to ANICO and The Principal (both SPIA leaders) and they couldn't touch the number Mr. Turbergen used in his sample case. He was showing a 40% higher return than the better of those two quotes. Something is wrong here - all carriers are working in the same investment pond - I don't believe any single carrier can outperform the market leaders over a period of 25-35 years life expectancy by 40% and survive. This is a pretty definitive bit of misinformation.

I am forced to believe this is therefore a con game. Too bad. The guy is obviously pretty sharp. Just has no character.

A SPIA yielding 11.8% for a 70 year old male? Where? What company? That is a h*ll of a deal.

Was that Javelin Marketing guy Larry Klien there? How about Dean Cipriano or Dan Kennedy?

[Financialguy]

I would like to see the webinar, any idea how I can get in on one?
A SPIA will NEVER yield 11.8% for a 70 year old male even if it was the UK style of "life annuity" where you completely forgo the asset for a lifetime income stream and if you die 2 days after signing up, your family gets ZERO, thats right, zero. Even those have never paid 11.8% and don't currently, even at age 85. If the opposite was true and they did have something legitimately paying 11.8% that was secure, I would pay the $12,000 and go to work for them today, no joke.
- - - - - - - - - - - - - - - - - -
These guys have no website, just a site you log into with no information anywhere. I will try to call one of them as several of their offices come up in directories here or there. They will no doubt try just to sell me on going to their seminars and paying the bucks but we will see what happens.

[Financialguy]

Hey phillip can you email me at xkknet@shaw.ca? I really would like to ask some questions about your experience. Thanks
- - - - - - - - - - - - - - - - - -
Hey Joe, the information you sent me isn't working, and there is no return listed at all, can you type out some data for me? ie return, commissions, contacts for it etc, thanks.