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Why Consumers Need a Second Opinion

Thursday, May 22, 2014

Consumer advocates require full product disclosure. Retirement plans and investments must disclose expenses. Investors and savers alike desire to know the costs involved when purchasing financial and insurance products. Educating consumers is empowering consumers. Getting a second opinion that measures costs as they often differ from the premium can help determine a product’s true value. Nationally recognized product due diligence expert, Barry Flagg, CFP, CLU, ChFC is interviewed by Steve Savant, syndicated financial columnist and talk show host of Steve Savant’s Money, the Name of the Game.

Steve Savant starts this video asking the most frequently asked question, "why is it important for a policyowner to know what they are paying on their [life insurance] contract?" Premium is not the cost of a cash value based life insurance contract, the costs are what is deducted from the premium or cash value. It is really important to find an advisor who measure not premium, but what is being deducted from your premiums or cash values. Steve follows up with "If I have an annual statement, inforce ledger and the original as-sold illustration, will that get us in the game and tell us what we have in comparison to the rest of the industry?" Those together can tell you where you are and where you are supposed to be but it does not tell you where you COULD or SHOULD be. With an 80% swing between best available rates and terms and worse available rates and terms, if you do not know what you are being charged and how it relates to the universe, you can not tell if you are in the better half of the swing or the bad half. You could be paying almost twice as much as you might otherwise be paying if you examine costs and perfromance of the contract. Veralytic research is simply the fastest, easiest, and most cost-effective way to measure the pricing and performance of any permanent life insurance product against peer-group alternatives as they relate to your (client’s) planning objectives.

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