Another class action lawsuit has been filed against one of the major IUL (Indexed Universal Life) carriers. As always, I made available the actual complaint so advisors can read it and learn from it.
To download the complaint (a must-read), click on the following:
www.advisorshare.com/midland-class-action-complaint
New “Advisor-Owned” Medicare IMO Launches
Webinar—Jan 30th at 3:00 p.m. EST
If you missed last week’s newsletter, click on the following to sign up for this webinar:
www.advisorshare.com/new-medicare-imo
In my newsletter on 01-22-2024, I predicted North American (Midland’s sister company) would get sued. The following is the title to my past newsletter:
Is NOA Looking at Lawsuits Over IUL Illustration Deception?
To read this newsletter (no sign-up form), click on the following link:
www.advisorshare.com/newsletters
In that newsletter I discussed the NOA’s Fidelity MFY Index 5% ER VCI (Volatility Control Index) that was coupled with a unique 2.65% NON-guaranteed bonus structure.
Look at the difference in illustrated rates from 2011 vs. when I did the 2024 newsletter. FYI, when you run an “in-force” illustration to project loans, you must use the current rate!
Being right for the wrong reasons
While I fully believe agents will get sued for selling the NOA/Midland product with the Fidelity MFY Index 5% ER VCI, that’s not specifically what the new lawsuit is about. The new Midland lawsuit is very similar (nearly identical) to the recent LSW lawsuit for deceptive IUL sales (which was about deceptive back-testing and hypothetical returns).
Actual IUL Historical Renewal Cap Rates
(Must have info)
It took us months to gather this important data. To download the renewal cap history of the top 18 Indexed Universal Life (IUL) carriers, click on the following link:
https://advisorshare.com/iul-renewal-cap-rates
Are you selling NOA or Midland IUL products?
If yes, my question is Why?
Or why are you still working with the IMO that recommends you sell NOA/Midland?
I’ve been railing against NOA/Midland IUL products for several years now. They have proven to me that they can’t be trusted to do the right thing and appear more interested in playing illustration games to make sales than actually putting forth a good sustainable product.
When you want to work with an IMO you can trust (which is difficult to find), click on the following link to learn about our “advisor-owned” IMO.
“Stop Building Someone Else’s IMO and Start Building Equity in an IMO You Own”
