World Financial Group - Big Class-Action Lawsuit against Transamerica’s FFIUL? Can You Join?

28 of 261 World Financial Group reviews

Transamerica’s Financial Foundation Indexed Universal Life (FFIUL) policy is WFG’s top life insurance product. It’s the fat-commission policy my upline always pushed me to sell.

I worked for WFG and sold many of these FFIUL policies before I learned how little we knew about their dangers. Many of us agents bought them when we first signed up with WFG. We didn’t know then how few guarantees they gave us, the great risks we assumed, and how incredibly expensive these policies could become in our later lives. We passed our ignorance on to our customers and downline recruits.

The good news is that, if you bought the FFIUL, you may be able to take part in a class-action suit against Transamerica and/or AEGON USA and other issuers of Universal Life insurance products. Please go here to learn how you can participate:

Www dot lieffcabraser dot com/consumer/universal-life-insurance/

Lieff Cabraser Heimann & Bernstein (LCHB) is one of the leading plaintiffs’ firms in the country. It’s likely prepping a class-action suit against the carriers of Universal Life insurance products, which includes that FFIUL. You’ll see that LCHB put Transamerica and AEGON USA on its target list.

Your participation matters! Good luck!

This review is a subjective opinion of a user.
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  • What I liked
      No items
  • What I disliked
    • Deceptive
    • Expensive
    • Few guarantees
    • Many risks

Reason of review:
Bad quality
Monetary loss:
Product or service
Transamerica Ffiul
Review category
Financial Services
review #892272
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Helpful? 56 Yes 56 2 No 2
Had the same issue 1 Yes 1
28 of 261 World Financial Group reviews

Feb 08 #1283680

Dear "Happy FFIUL customer." The FFIUL is a total bomb because late-life Cost of Insurance charges skyrocket virtually guarantee you LOSE EVERYTHING in your senior years, your Death Benefit and the $100,000s you dumped into this money-sucking black hole. Please see the 22 Jul 2016 review here on Pissed Consumer titled "Why the FFIUL--WFG’s Flagship Policy--is a *Disaster*" to lean the hard and fast FACTS and NUMBERS on that.
HFC, bottom line, that review has hard and fast numbers that clearly show the FFIUL is an absolute *disaster.* And then we have YOU, a totally faceless, nameless, unknown, anonymous person who totally FAILs to give us any evidence to support this horrible policy. I'm sure the reader will figure out who gives the truth here. Thanks.

13 1 Reply
Happy FFIUL customer

Feb 03 #1280899 San Diego, California, United States

Do you know what an FFIUL is & what it does?
How long have you owned it before imagining it was bad for you?
What are you comparing it to?
Which part of the FFIUL is bad?

1 19 Reply

Feb 03 #1281008

How can you be a HAPPY FFIUL CUSTOMER..the only thing that you're doing right now is paying monthly premiums unless you are speaking to us from your grave and you enjoyed a short life?

15 0 Reply

Dec 14, 2016 #1255391 Berkeley, California, United States

Dear Readers. "DH" or "ThankYouMrHarper." Or whoever this anonymous person is from L*rd-Knows-Where. Please let's us together thank this anonymous commenter. He/she highlights an excellent point:
**If you're shopping for financial products, please NEVER rely on a sales agent to give you the straight ***--especially from sleazy, unethical, unscrupulous, predatory WFG agents! Please ALWAYS engage a fee-only financial advisor--one who DOESN'T sell financial products--so you minimize you chances to get ripped off! If your sales agent is ethical and up-front, he'll be happy you engage the fee-only FA to check it all out. You will soon find out you will NEVER get the straight story from an WFGer.**
"DH" you're welcome to call this a "debate" if it makes you feel any better. And yes you're right, the disclosures are in the FFIUL and other IULs for all to read--IF the client can understand it. Huge IF! DH, I've been there and sold those dreadful pigs in pokes. As you suggest "DH" it's "Caveat Emptor." I knew the very high-trust low-knowledge clientele, friends and family who trust you way more than they understand what they are buying. Typically they have little or no true idea the enormous risk they take on when they buy an IUL. Thus WFG agents, many of whom very low-info themselves, take advantage of their clients. Knowingly or not.
That's why I'm here "DH"--to try to help people save themselves a whole lot of money and grief and heartache. Bottom line: the COI charges
... Show more

11 2 Reply

Feb 15 #1288408 Los Angeles, California, United States

Hahahahahah! And who are you? Who do you work for ? WFG competitors? Nice try!! A well strategized policy will never lapse on the client earlier that he chooses and but the way, clients have the choice to make an IUL as powerful as they can afford it... The best product there is now for sure.

0 6 Reply

Dec 14, 2016 #1255359 Los Angeles, California, United States

William3, insulting people is childish and does not make your argumental any stronger. Did your mother not explain that to you as a child? Maybe my assessment of and exit strategy for the IUL is different than yours. Perhaps maybe you ought to re-examine my last post and follow the biggest instruction - educate yourself. McDonald's, Bank of America, the US government, police departments everywhere have all been sued. Anyone can sue, however, the lawsuit is not over so it does not necessarily because there is a class action lawsuit, that you are correct. And besides, the lawsuit is about the COI at the final stages of the policy, not about it being a useless or ripoff product. And if you have an IUL, didn't you sign where it states that "you understand and agree". Now all of a sudden, you do not understand or agree. You rushed into something you did not understand and apparently still have not figured out how to use or retain your money. As for myself and my clients, we will be fine whether the COI increases or not. Good luck to you bud, I'm not wasting anymore of my time here in this debate with you.

4 13 Reply

Dec 14, 2016 #1255496

So you guarantee your clients you will pay the difference if they can't afford your FFIUL when they're 80 years old? As I posted 5-6 times now I will buy a FFIUL IF you or WFG GUARANTEES that my COI doesn't skyrocket when i'm over 80 or you or WFG pays the difference...So give me your name,address and phone # for that sale..but as usual you can't and won't guarantee anything as you are a swindler...Your fake little charts with 8% rate of return on those placements are not reality..people will need to pay 15k or more a year if they are lucky enough to see 80 years old or more~~Put your money where your mouth is..your clients have too...right?

9 1 Reply

Dec 13, 2016 #1255157 Berkeley, California, United States

Dear "DH" from G*d-knows-where.
On one side we have Lieff Cabraser Heimann & Bernstein (LCHB) is one of the leading plaintiffs’ firms in the country, who's investigating a class-action suit against the carrier who produce IULs, which includes Transamerica, the producer of WFG's flagship IUL, the FFIUL, and also against other companies like Nationwide and Voya who crank out these dangerous, deeply broken products.
On the other side, we have YOU, merely the latest in a very long string of anonymous WFG sales agents to post here. Just another nameless, faceless, soulless rep-licant who has every financial incentive to promote these deeply broken products so you can earn your fat commissions meanwhile royally RIPPING OFF your trusting low-info customers. Some of whom trust and even love you.
I'm sure the reader can decide for himself whom to believe.
But thanks for playing.

11 1 Reply
ThankYouMr Harper

Dec 13, 2016 #1255147

WFG is a broker of services with a commission plan for its agents and trainers. WFG has no product of its own to sell, just like most mortgage companies who are not the actual bank lending the money. Agents do not get paid a dime for recruiting people. They get and increase in commission when get licensed, trained, and are producing. The products we, and yes I am an agent, sell are products of Transamerica, Nationwide, Pacific Life, Met Life, Voya, Jackson National, Prudential, John Hancock etc... So there goes the pyramid scheme talk right out of the window. So if WFG is a scheme, then these large insurance companies are an even bigger scheme. Attempting to say otherwise would be proving your own ignorance. And as for you people stating that the IUL is a horrible product, try educating yourself about exit strategies for universal life insurance products. There are many depending upon your personal situation. However, one's lack of understanding does not mean that a product or company is bad, it just means your lazy a** has some financial homework to do. Stop gossiping and complaining and get to work. All of your retirement product are going to tax the *** out of you and you need to find ways to offset it am d supplement it. Realize your own financial situation and learn to educate yourself on what is going to benefit you best. When you finally learn something you might find that WFG has some excellent products and services and you won't have to pay a financial advisor to... Show more

3 14 Reply

Dec 06, 2016 #1251185

"49SNS." Let's say you had the 'nads to give us your real name. Instead of some Inspector's tag code for a pair of $10 Chinese imitation junk Jordache jeans. "49SNS" if we knew your actual name and how to get in touch with you, a few of us might be willing to look past your WFG Playbook bulls*hit-and-run drivel.
Or maybe not. "49SNS" it's hard to believe a word you say when you don't even know what a "pyramid scheme" is. This FTC link:
www dot ftc dot gov/public-statements/1998/05/pyramid-schemes
makes it clear: "...Pyramid schemes ... promise consumers or investors large profits based primarily on recruiting others to join their program..."
So "49SNS" you're telling us then that "all businesses promise...large profits based primarily on recruiting others to join their program?" What parallel universe do you live in?
"49SNS" by the above FTC def, not even WFG *Corp* back in Johns Creek Jawja is a pyramid scheme. WFG *Corp* makes sure it stays a hairs-breath within the law, promoting 3/3/30, in which you sell at least as many products as you do recruit people. But WFG *agents* pushed us nonstop to recruit our *sses off. That's WFG's worst-kept secret. Even your EVC John Shin makes it crystal clear it's the duty for each and every WFG agent to recruit so much as to personally violate pyramid scheme laws, exposing themselves to Fed prosecution. Go to this vid...: www dot youtube dot com/watch?v=l2KsV61qn8s , John Shin MGM Grand Arena Convention 2015 ...and
... Show more

13 1 Reply

Dec 06, 2016 #1250960 Los Angeles, California, United States

So, let's say you work at a corporation. The owner of the business started at the bottom struggling to find the right people to help business grow. A person or slew of people see the good in this business and invests in it. The throng grows and grows until the guy at the top is making eight figures and those at the bottom five figures.
All businesses are then pyramid schemes.
WFG does not pay the Agents that get licensed to sell products. They get trained to help us find was of saving for our future. Many trusted businesses have joined with WFG to offer everyone IUL's, Annuities, other types of insurance, tax help, and debt relief.
I've seen nothing but happy clients and associates and if you don't understand and want to know about why they are who they are, find and office near you, find out when the next Presentation meeting is a check it out for yourself?
Tell them 49SNS invited you.

2 16 Reply

Oct 17, 2016 #1228140 Dallas, Texas, United States

I recently had some personal experience with this WFG. They are bunch of crooks cheating on those people who don't know how investment and insurance work.

18 4 Reply

Aug 26, 2016 #1203997

I think we have a game of WFG agents posting on 6 year posts so the most important complaints can go down the list..Facts are something they do not want shown...

27 5 Reply

Aug 26, 2016 #1204146 San Jose, California, United States

Or maybe one WFGer posing as many?
Or maybe just a Russian professional troll that an EVC or EMD pays to do his dirty work.

22 2 Reply

Aug 06, 2016 #1195417 Mountain View, California, United States

This is bogus. I am a happy client with WFG/ Transamerica. I have retirement off of this iul because I worked with someone who knew how to structure them.
I am not a WFG agent. Never have been. I am a client.
Please stop referencing Transameric/ WFG as being a "pyramid scheme" or scamming people. Actually pyramid schemes are illegal in the United States. If there is a reference like this on the Internet, the state can press charges as it is a felony offense to make that claim. Please make sure you are referencing legitimate financial or government websites when doing research regarding WFG (World Financial Group), Transamerica, or Aegon as these will provide an accurate picture of the companies, their reputations, and their financials. Leave your contact information and I'll happily report you to the state.
- Happy Client.

8 42 Reply

Aug 06, 2016 #1195498

Well that's exactly what we want to if you please share your policy and it's structure(numbers) and how much you pay and your age.This FFIUL is a disaster that will cost you 50-60k a year if you live to see 80.What number did your agent work with to structure the way they can't structure your policy on a ffiul with different #'s with each client..they have a chart with parametres that are specific to a certain type of individual..based on age,sex,health,risks like(smoker..ect)..if it's different that's illegal as it would make the client succeptible to bias and profit by the if you tell me he charges you 2000$ a month and you will pay 1,000,000 to have a 500,000 insurance then I believe you but who's enough to do that??Another bogus post of an anonymous with absolutely no proof..
I've noticed since we are pushing hard to see the real #'s or contracts that the wfg agent are becoming silent and now it's the friends and clients coming in here.
IRONICALLY you the client should be the one that is glad we have your back...don't worry if it's great you will keep your ffiul.You seem to be very upset with something that you are happy with and common sense makes us think that normally this would be posted by an wfg agent that is scared about chargebacks...If not you the client look double check the math when you're 85.

30 4 Reply

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