After more than 2 years "investing" with National Life Group, my "surrender value" is negative several hundred dollars. The Snake oil salesman Brad Hofhines made promises about being able to withdraw funds if necessary and how it is a better investment than my IRA because it's pre tax. $151 per month investment is split up like this: $61 to administrative fees and $12 to insurance policy. That leaves barely half of my investment going into my account.
After over 2 years I "invested" more than $5,000, my account balance is $2,900 but my surrender amount is over $3,500. If I keep investing for 8 more years I will just about break even, then they will stop ripping off my account with "administrative fees" and it will actually make money. In the same period of time my IRA (even at a modest 3% gain) would be worth more than 3 times that.
In what world does this make any kind of sense to anyone, except the company and salesmen who get paid every month?
These people need to be exposed for what they are, THIEVES, plain and simple!
Had a life insueance policy with national life insurance co. of the southwest. the policy was a 100k policy in value. it also contained a cancer rider. it was supposed to pay 50k in case you were diagnosed with cancer. which i was about 2 mos after the policy went into affect. after a 6mos investigation they tried to make me default on the policy by changing the auto-withdrawal date of the p0licy payment not once but twice. in the end they claimed smoking discrepancies in my medical records and said i should have had a smoking policy even though they issued the policy after a mouth swab to decide what type of policy that i wouls be issued. they issued me a non=smokers policy because i passed. they have lied and said i was in a smokers cessation classes at a rehabiltatiom hospital which does not even offer that type of classes. i would advise anyone to avoid this company. they are crooks
Well in short... Watch out! Them or any connection to them. I started a policy just over 4 years ago, wanted whole life with cash building ect... was a lil over priced at $52 a mo. for 50k. Well after 4yrs had a "cash face value" of $1349.00. Seeing I will loose 20% of my income soon I have started cutting back figured it's over priced and all that I will cash it in. I am GLAD I have canceled this one! They informed me with fees an all, the cash out value is a whopping $69.62 or i could borrow up $3.68 against it! I've had INS b4 an well this is a complete insult, I was taken for a full ride! The agent that sold me the policy was well silent for seemed like 20sec before saying a word.... Their fine print will get you!
National Life Group Reviews
After more than 2 years "investing" with National Life Group, my "surrender value" is negative several hundred dollars. The Snake oil salesman Brad Hofhines made promises about being able to withdraw funds if necessary and how it is a better investment than my IRA because it's pre tax. $151 per month investment is split up like this: $61 to administrative fees and $12 to insurance policy. That leaves barely half of my investment going into my account.
After over 2 years I "invested" more than $5,000, my account balance is $2,900 but my surrender amount is over $3,500. If I keep investing for 8 more years I will just about break even, then they will stop ripping off my account with "administrative fees" and it will actually make money. In the same period of time my IRA (even at a modest 3% gain) would be worth more than 3 times that.
In what world does this make any kind of sense to anyone, except the company and salesmen who get paid every month?
These people need to be exposed for what they are, THIEVES, plain and simple!
Had a life insueance policy with national life insurance co. of the southwest. the policy was a 100k policy in value. it also contained a cancer rider. it was supposed to pay 50k in case you were diagnosed with cancer. which i was about 2 mos after the policy went into affect. after a 6mos investigation they tried to make me default on the policy by changing the auto-withdrawal date of the p0licy payment not once but twice. in the end they claimed smoking discrepancies in my medical records and said i should have had a smoking policy even though they issued the policy after a mouth swab to decide what type of policy that i wouls be issued. they issued me a non=smokers policy because i passed. they have lied and said i was in a smokers cessation classes at a rehabiltatiom hospital which does not even offer that type of classes. i would advise anyone to avoid this company. they are crooks
Well in short... Watch out! Them or any connection to them. I started a policy just over 4 years ago, wanted whole life with cash building ect... was a lil over priced at $52 a mo. for 50k. Well after 4yrs had a "cash face value" of $1349.00. Seeing I will loose 20% of my income soon I have started cutting back figured it's over priced and all that I will cash it in. I am GLAD I have canceled this one! They informed me with fees an all, the cash out value is a whopping $69.62 or i could borrow up $3.68 against it! I've had INS b4 an well this is a complete insult, I was taken for a full ride! The agent that sold me the policy was well silent for seemed like 20sec before saying a word.... Their fine print will get you!