Post by @owunnavictor

This is another sad experience of someone who innocently contributed to an index-linked universal life insurance policy (IUL) for six years without realizing that he was being misled by the agent who signed him up for the policy. There are verifiable and credible investment options available to anyone seeking to get ahead and build for themselves without falling for the many misleading statements by insurance agents. If the goal is savings, get a high-yield savings account. If the goal is retirement, contribute and max out your 401k, ROTH IRA, Traditional IRA, etc… If the goal is personal investment, download an investment application like Vanguard, Fidelity, CharlesSchwab, SoFi, or Robinhood and invest in the stock market. If the goal is your kids' education, get a 529 account or UTMA/UGMA and contribute for them. Life insurance is not a savings plan, it’s not an investment plan and it should never be mistaken for that. Do not be misled by agents seeking their own personal benefit at your detriment. #financialliteracy #lifeinsurance #iul