Q: How can I get out of enrolling in life insurance that I don't want after the initial payment has come out of my savings
I spoke with the financial planner about long term care insurance. When he called to tell me I had been approved and he got my bank info, he said the initial payment was $1650. I told him I couldn't afford that much per month, especially since I had not seen any details and had not agreed to anything. We had another meeting where he kept insisting that I had agreed to that amount and kept telling me that he is a fiduciary and would only do what's in my best interest, and that my beneficiary would get $200K when I die and the policy would have a cash value in 4-5 years. I argued that paying out over $18K this year alone is not in my best interest because I'm 72 and hoping to retire within the next year or so. He kept pressuring me so we finally got down to a $50K policy... which I still haven't seen details of... that would still cost me $420/month. I don't want to pay out any money at all with this plan. I don't want to talk with him anymore because he won't let up. What can I d
A:
Run.
First of all, a financial advisor who is a fiduciary DOES NOT SELL YOU FINANCIAL PRODUCTS! He advises you what types of financial investments you ought to make, but never ever sells you products. He is only selling his expertise and advice.
Second, long term care insurance and life insurance are two very different things.
This person does not sound like he’s listening to you or like he has your best interests at heart.
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