AMA 114 - The Universal Life Insurance Scam with Richard Proteau

Richard Proteau is the author of Unraveling The Universal Life Scam (The Shorter Truth) and talks to Jason today on the show about universal life insurance and why it's almost always a bad investment (unless you're extremely wealthy). Richard talks about some of the differences between US life insurance and Canadian life insurance, does a break down on premiums, and more on today's AMA episode.    Key Takeaways: 2:30 – Richard explains the various types of life insurance you can have. 6:10 – There's always a state versus federal regulations war going on in the US.   10:30 – Richard explains what 108 is and talks about universal life premiums.  18:00 – Insurance companies are influenced in creating the best contract possible, but what's on paper may not actually be what's reality.  22:40 – MERs, management expense ratios, are not shown on the contract and can fool the consumer into thinking they have a better deal than they really do.  26:45 – Richard says buy insurance for the right reason. Jason and Richard both agree that insurance is not a good investment.    Mentioned In This Episode: Unraveling The Universal Life Scam (The Shorter Truth) by Richard Proteau http://www.consumerights.ca/