Universal Life Insurance

Hi everyone

I have a universal life insurance with iA financial group. It was sold to me by a friend through World Financial Group. I now know they are a scam so I wanted to cancel the policy again despite losing $950 that I already paid in premiums and gave her the reasoning as to why and also explaining that I decided for myself that term life insurance will be better for me.

She said “your UL has a term feature in it because of the optimization! Unfortunately this stuff isn’t known about on the web because it’s a design within the plan and only some companies offer it”. She also says the premiums don’t increase – which is weird cause a table on the policy shows otherwise and she is talking about some drop down effect. She also highlighted the cash value and tax advantage again (which term life doesn’t offer). She also said that after 40 years old the term life gets really expensive.

When I brought up term life she said she’s worked with 50-60 years old who say they wish someone would’ve told them about UL way sooner.

I’m at a loss and would really appreciate some guidance here!

submitted by /u/Nervous-Avocado-5650
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