I was recently reminded of this incident that happened a few months ago. I met this person who was recommended an ILP by her agent. The agent went as far as to use skewed calculation and fuzzy Maths to show her that the ILP was much better than a term policy.

Feeling uncomfortable about the recommendation, she sought a second opinion and that was how I came about to give her some advice.

Remarkably, after I spent about three long sessions explaining to her the superiority of alternative solutions such as “buy term invest the rest” (BTIR), she chose to implement that strategy through the same agent who tried to rip her off with a more than $5,000 a year regular premium ILP! It turns out that the agent could sense that she could not possibly sell the ILP any more and changed her tune to what I was educating …