The more they spend on ads the less they have for claims; obvious scam!
Stupid Investment of the Week By Chuck Jaffe
https://www.marketwatch.com/story/youre-better-off-rejecting-guaranteed-acceptance-life-policy
According to the pitch letter -- which was priced for my mother because she is over 50 -- the "most popular option" is two coverage units for $13.90 per month. Pay a year at a time -- where annual payments equal 11 months' premiums -- and that's $152.90.
Clearly, that money is in, well, jeopardy.
Fine print
You're laying it out, but you will only get a "limited benefit" if you die within two years of buying the policy. Because the policy is "permanent whole life," it does build cash value, but the mailing gave no indication as to how that value is calculated and how much you can expect. It also neglected to disclose the surrender conditions, though it did point out that someone sending in the application and their first payment does so with a 30-day money-back guarantee.
Rip-Off Report Colonial Penn
https://www.ripoffreport.com/reports/colonial-penn-life-insurance/philadelphia-pennsylvania-/colonial-penn-life-insurance-stole-my-mothers-money-and-scammed-her-philadelphia-pennsy-792466
