The PFA Seal organization is a pyramid scam. This is a network marketing organization that sales to its members the IUL product. The members join thinking that they are part of a big company when it's really joining the organization as a member. Once a member, you pay them to join $135 and then they say you should buy the product since it's a great product. In addition they expect you to bring that person who convinced you to join more leads by suggesting your other friends and relatives. (This is warm market contact) By the time you finish all your dues and referral quotas and you get your license, you are left with nothing. That's when they stop focusing on you (and you become their weakest link, like the guy above). Instead they say you don't invite enough or you're not hard working. All they want is your leads.
Oh and about this product. It is offered by other companies and if you compare the cost of the product with other companies this policy from PFA will more likely be more expensive. Like any other products in this world there are pluses and minuses. The problem here is they mislead you by telling you their policy is the only one that offers this living benefit rider, but in reality most permanent insurance policy has this option. If you have an older policy and if you listen to them you will surrender your original policy that means you get the cash value. Remember your cash value is only a portion of what you contributed. That's because the other portion was to buy the insurance you had over the years. Then you put the remaining amount into this new insurance policy and immediately the actual cash value again in this new policy has been reduce. Do you know why? That's because they use that portion to pay that salesman. It's a con and this has been done to hundreds of you as you fall into their sales pitch. Basically a potion of your premium on new policies is paid PFA company in support of the so call head salesman aka CEO and their lavish life style while you're stuck with nothing except
1. lower cash value in your "new" insurance policy
2. another insurance policy that you now locked in on with no way to get your
money back unless you borrow it or you die.
Example, You contributed 5 years into your original insurance of $10K ($2K contribution per year), in the 5th year this salesman say, "hey we got this living benefit option, which if you check might be already in your old policy. So he cons you into pulling out your money to buy this new policy, but wait you only get let's say $7K not the $10k you originally contributed. This is already being too generous because they gave $2k to the original salesman and $2k for insurance coverage total for 5 years that leaves you with $6 that was part of your contribution and I will be generous and say you earn $1k as gain from the $6k in your investment side of the original insurance (16% gain, crazy but for example sake just go with it, you'll never get 16%). Now you take this $7K and contribute to the new policy. immediately it is lower because of the annual commission paid to the salesman for him signing you to this new policy and now you left with only $5k surrendered value in your new policy. This is an awesome return overall negative return.
The end game, the "sales agent" got that lost portion of your contribution as their commission and you get only a portion of your original hard earned contribution. Rip off artist I call it. Don't fall for it. The original poster said it best this is a scam and all they want is your warm market. Be a good friend and family member don't lead them to this cult.
