楼主属于天生书呆子型，不爱交际，在大学教课，平日里无事便埋头故纸堆；自家先生也是搞计算机的nerd，所以在美国的生活一直是平平静静，宛如终南山下活死人墓（可惜没有杨过，只有个瘦不赖叽的白人小哥；没有龙女，爱吃的小胖子倒是有一个~）。 我们二人住在surburban area, 拥有的共同朋友一个手都数的清。即使已经宅成这样，这几年也总是听到身边的人谈及理财的种种，其中最被侃侃而谈的便是Transamerica以及它旗下的WFG（World Financial Group），还有被WFG的各路marketing director最为推崇的，据说有高回报率并且零风险保本金的IUL指数型保险。
楼主和先生都是老老实实朴朴素素兢兢业业的上班族，赚的钱都是辛苦钱，对于理财基本上是秉承先填满401K，再有闲钱就做一点money market还有mutual fund的保守策略（再再有闲钱的话就买房出租了）；从来没有考虑过买保险，更不可能参与那种发展上下线的理财投资活动（WFG的经理人称其为多层次管理，其实就是pyramid scheme, 通俗说就是传销）。
之前在各个论坛上看到各种洗白说WFG不是传销我就呵呵了。首先我要说的是传销在美国是合法的，不需要遮遮掩掩，也不会出现像国内新闻报道中那些限制人身自由甚至造成人身伤害的恶劣事件，参不参加全凭自愿，哪怕交了那100块钱，不想做也是可以随时退出的，绝对不用担心人身安全，所以在美国的童鞋们大可不必谈传销变色，各个WFG的代理人也不用一直否认了。判断是否属于金字塔结构（传销）的方式很简单：1）入会需不需要缴费或购买产品 2）获得利润的主要方式是通过销售产品和服务还是通过对各层下线的盘剥。说到这里我相信大多数人就已经明白了。
我一直认为学习的最终目的是为了获得独立思考的能力，那是一种不被身处的境遇所影响，独立地进行思考，分析，判断，筛选最终获得客观结论的能力。在过去短短的一年里，楼主承受了一波又一波来自WFG旗下经理人的游说，鼓动，大打亲情牌爱国牌梦想牌（其中大部分都是说着母语的华人），可不论他们怎么描述，吹捧，把利润讲得天花乱坠，楼主都不为所动，也从未和他们谈及自己真实的想法，因为那些人对楼主来讲只不过是生意人，陌生人，没什么情感联结。真正使我感到气愤和痛苦并促使我发这篇po文的原因是楼主身边一位非常善良，有教养，有学识，对楼主有恩的教会姊妹最近居然加入了WFG！
这位姊妹在楼主刚到美国的时候曾给予我无微不至的关怀，那时，她的家几乎就是楼主在美国另一个休憩的港湾，在楼主心中早已经把她当做亲人。得知她入会的消息，以及数次被邀约参加每周在她家举办的WFG经理人的家庭理财会议的楼主不禁五味杂陈。该姊妹是家庭主妇，先生是CPA，家庭收入可观。由于她频繁在家里开设理财会议，还要自费参加公司在全美各地举办的大大小小的宣讲会，她的先生在多次劝说未果的情况下找到我，希望我可以劝说他的太太退出（稍稍有一点理财和税法常识的人都知道那些经理人提供的收益率都是严重误导客户的）。这也是楼主最近一直在收集和调查WFG以及指数型保险的原因。
谈一下结果吧：网上信息大多参差不齐，楼主经过整理，在此转载两篇我个人认为内容比较翔实可靠的文章。
一篇是天涯论坛上的"有关WFG乱象的调查", 链接如下（如果点击打不开就复制粘贴到Google/baidu就好）
http://bbs.tianya.cn/post-develop-2016998-1.shtml
另一篇是纽约人寿保险公司经理人姚学智先生写的的有关IUL指数型保险的文章（IUL指数型保险目前是WFG经理人首推的产品项目）。大家可以上网查一下，姚先生绝对算得上是保险业界的大牛；他是2012，2015保险业最高经理人协会MDRT Million Dollar Round Table, Court of Table 百万圆桌会议的会员。由于这篇文章不是很长，我就把它复制粘贴在下面了（姚先生还有好几篇文章都写得非常中肯，大家有时间也可以搜来看看）。再次声明我只是转载。原文链接如下（大家复制粘贴到Google就能看）
http://norisk168.sznetsoft.com/consultationview.aspx?id=49
[hr]濫賣指數型人壽保險的可怕
由於過去幾年股市指數表現不錯, 使得部分保險公司及保險經紀(尤其是兼差型的經紀) 不明究理的逢人就賣指數型保險, 而且動輒保單就是50萬元起跳。拿著完全假設的過去50年指數”平均報酬率” 所制作的報表預估未來的漂亮紙上回報, 說得天花亂墜, 藉著保險保單可以發財, 退休生活將如何美好等等!!
在我們專業專職經紀人看來, 以漂亮假設性報表挑起人性的貪婪而去銷售人壽保險是完全不道德的, 和賣餿水油沒兩樣。將來這型人壽保險保單一定會造成一波波保險流保(LAPSE) 的海嘯, 讓投保人多年辛苦所得付之東流。 多層次傳銷型只知其一不知其二賣保險的經紀可以賺得缽滿盆滿卻害了親朋好友!!其中道理非三言兩語可以說明。
Too Good to be TRUE 的東西一定有問題, 尤其是金融保險產品。經紀只會揀好的說以滿足人們的貪婪心。保險的基本概念是” 羊毛出在羊身上, 一分錢一分貨”, 沒有白紙黑字Guarantee的合約, 就憑經紀吹牛, 不看合同, 不明道理, 憑感覺就下單去購買看似好得無比的保單, 多年後倒楣的一定是自己。
指數型保險不是不好, 而是不能隨便不分青紅皂白不講實話,拿著完全假設的漂亮打印數字報表見人就亂吹亂賣的!
我所看到的過去5年以上人們購買的指數型保單, 沒有一張達到賣保險經紀人所吹的回報, 不但沒有, 將來保單還一定會流保, 保單持有人進退兩難都恨得牙癢!!
以下是一篇最新有關美國保險業界對指數型保單的分歧看法供您參考。正規正派大型有Credit的保險公司如紐約人壽和大都會人壽是絕對不准經紀碰指數型人壽保險, 因為遲早會出事。
Industry Divided
Over Index Universal Life Insurance (IUL) illustrations
OCT 29, 2014 | BY ARTHUR D. POSTAL
The life insurance industry continues to be deeply divided over IUL illustrations.
The life insurance industry continues to be deeply divided over the content of illustrations agents use in selling indexed universal life insurance (IUL).
The differences are outlined in comments being submitted to the National Association of Insurance Commissioners (NAIC), which has proposed actuarial guidelines governing the IUL illustrations. The comment period closes Thursday, but two of the comments obtained by National Underwriter Life & Health expose the divide. The issue is also expected to be hotly debated when the NAIC’s Life Insurance and Annuities (A) Committee takes up the issue at the NAIC’s winter meeting in Washington next month.
The exposure draft was developed by the American Council of Life Insurers.
In comments submitted to the NAIC today, the ACLI argues that its proposal is appropriate. The ACLI said it developed its illustration package after identifying certain goals the illustration should meet, and then developing illustrations that conform to those guidelines. One of the goals, the ACLI said, is to create “consistency in determining illustrated rates for similar IUL products.”
The ACLI proposal meets these goals because policy values are illustrated at two nonguaranteed interest rates in addition to the guaranteed rate in order to highlight the likelihood of variability of returns; a table of historical index rates is provided to highlight year-by-year variability of returns(我所知道的賣指數型保險經紀沒有一個出示並告知客戶這些數據); and because a table of historical averages (歷史平均用來做報表絕對是誤導) based on different index parameters is provided to highlight variability of nonguaranteed elements and the impact to credited rates.
Amongst the supporters of the ACLI proposal is Pacific Life(這家公司財務極差), the largest underwriter of IUL products.
In a letter submitted to the NAIC, PacLife officials say they “welcome working with the NAIC to establish uniform IUL illustration standards.” The letter notes that an “important aspect” of the ACLI recommendation is to require that clients see illustrations at multiple rates, consistent with the variable nature of equity returns and consistent with illustration standards for variable universal life products.
Moreover, the PacLife letter said, “The maximum illustrated rate allowed by the ACLI recommendation is less than the returns that our clients have earned over the last 9 year period that we have been offering the IUL product.”
In fact, the PACLife letter said, “we backtested our product for 17 years before we began selling and we saw results that were very similar to the results clients have earned over the last decade (騙很大).”
Several larger insurers, however, have submitted comment letters voicing “strong concerns” with the ACLI proposal. They have formed a coalition that includes MetLife, New York Life, Northwestern Mutual and One America. The concern of the large insurers is that they fear they will wind up paying the bill if yields promoted by the proposed ACLI illustrations don’t meet investor expectations.
A comment letter from New York Life Insurance, for example, said its analysis concludes that “the ACLI proposal would produce illustrated values that have a less than 10 percent probability (這是真的)of being achieved over the long term.”
The NY Life comment letter said its analysis was produced by a team of actuaries and investment professionals and has been peer-reviewed by actuaries both within New York Life and externally.
“We have not seen any similar analysis that refutes these conclusions, and we believe that very aggressive assumptions would be necessary in order to demonstrate a reasonable probability of achieving the maximum illustrated rates that would be allowed by the ACLI proposal,” the New York Life letter said.
The NY Life comment letter said the illustrations to be used in selling IUL must conform to the NAIC Life Insurance Illustrations Model Regulation.
However, the New York Life letter said, “The ACLI proposal is silent with respect to appropriate assumptions for use in supportability testing,” and not “consistent with other general account product illustrations.”
Further, the NY Life letter, the ACLI-proposed illustrations are potentially “susceptible to ‘gaming’, that is, subject to ‘creative’ interpretation.”
IULs are also coming under scrutiny by New York state regulators. Last month, the New York Department of Financial Services launched a probe into the promotion of IUL insurance and is seeking data on how many carriers doing business in New York and the illustrations used to market such products. The data was due Oct. 1. IUL sales have recently soared, and represented 17 percent of individual life premiums in the second quarter, according to LIMRA.
由此文可以看見正牌大型保險公司對指數型人壽保險的態度。 否則, 他們早就涉足, 怎會任令
宵小橫行!!
[hr]
最后楼主想说的是，所有真实的东西都没有虚假的来得光鲜亮丽。如果一件事情”too good to be true“，就是我们要三思而后行的时候了。
楼主和先生都是老老实实朴朴素素兢兢业业的上班族，赚的钱都是辛苦钱，对于理财基本上是秉承先填满401K，再有闲钱就做一点money market还有mutual fund的保守策略（再再有闲钱的话就买房出租了）；从来没有考虑过买保险，更不可能参与那种发展上下线的理财投资活动（WFG的经理人称其为多层次管理，其实就是pyramid scheme, 通俗说就是传销）。
之前在各个论坛上看到各种洗白说WFG不是传销我就呵呵了。首先我要说的是传销在美国是合法的，不需要遮遮掩掩，也不会出现像国内新闻报道中那些限制人身自由甚至造成人身伤害的恶劣事件，参不参加全凭自愿，哪怕交了那100块钱，不想做也是可以随时退出的，绝对不用担心人身安全，所以在美国的童鞋们大可不必谈传销变色，各个WFG的代理人也不用一直否认了。判断是否属于金字塔结构（传销）的方式很简单：1）入会需不需要缴费或购买产品 2）获得利润的主要方式是通过销售产品和服务还是通过对各层下线的盘剥。说到这里我相信大多数人就已经明白了。
我一直认为学习的最终目的是为了获得独立思考的能力，那是一种不被身处的境遇所影响，独立地进行思考，分析，判断，筛选最终获得客观结论的能力。在过去短短的一年里，楼主承受了一波又一波来自WFG旗下经理人的游说，鼓动，大打亲情牌爱国牌梦想牌（其中大部分都是说着母语的华人），可不论他们怎么描述，吹捧，把利润讲得天花乱坠，楼主都不为所动，也从未和他们谈及自己真实的想法，因为那些人对楼主来讲只不过是生意人，陌生人，没什么情感联结。真正使我感到气愤和痛苦并促使我发这篇po文的原因是楼主身边一位非常善良，有教养，有学识，对楼主有恩的教会姊妹最近居然加入了WFG！
这位姊妹在楼主刚到美国的时候曾给予我无微不至的关怀，那时，她的家几乎就是楼主在美国另一个休憩的港湾，在楼主心中早已经把她当做亲人。得知她入会的消息，以及数次被邀约参加每周在她家举办的WFG经理人的家庭理财会议的楼主不禁五味杂陈。该姊妹是家庭主妇，先生是CPA，家庭收入可观。由于她频繁在家里开设理财会议，还要自费参加公司在全美各地举办的大大小小的宣讲会，她的先生在多次劝说未果的情况下找到我，希望我可以劝说他的太太退出（稍稍有一点理财和税法常识的人都知道那些经理人提供的收益率都是严重误导客户的）。这也是楼主最近一直在收集和调查WFG以及指数型保险的原因。
谈一下结果吧：网上信息大多参差不齐，楼主经过整理，在此转载两篇我个人认为内容比较翔实可靠的文章。
一篇是天涯论坛上的"有关WFG乱象的调查", 链接如下（如果点击打不开就复制粘贴到Google/baidu就好）
http://bbs.tianya.cn/post-develop-2016998-1.shtml
另一篇是纽约人寿保险公司经理人姚学智先生写的的有关IUL指数型保险的文章（IUL指数型保险目前是WFG经理人首推的产品项目）。大家可以上网查一下，姚先生绝对算得上是保险业界的大牛；他是2012，2015保险业最高经理人协会MDRT Million Dollar Round Table, Court of Table 百万圆桌会议的会员。由于这篇文章不是很长，我就把它复制粘贴在下面了（姚先生还有好几篇文章都写得非常中肯，大家有时间也可以搜来看看）。再次声明我只是转载。原文链接如下（大家复制粘贴到Google就能看）
http://norisk168.sznetsoft.com/consultationview.aspx?id=49
[hr]濫賣指數型人壽保險的可怕
由於過去幾年股市指數表現不錯, 使得部分保險公司及保險經紀(尤其是兼差型的經紀) 不明究理的逢人就賣指數型保險, 而且動輒保單就是50萬元起跳。拿著完全假設的過去50年指數”平均報酬率” 所制作的報表預估未來的漂亮紙上回報, 說得天花亂墜, 藉著保險保單可以發財, 退休生活將如何美好等等!!
在我們專業專職經紀人看來, 以漂亮假設性報表挑起人性的貪婪而去銷售人壽保險是完全不道德的, 和賣餿水油沒兩樣。將來這型人壽保險保單一定會造成一波波保險流保(LAPSE) 的海嘯, 讓投保人多年辛苦所得付之東流。 多層次傳銷型只知其一不知其二賣保險的經紀可以賺得缽滿盆滿卻害了親朋好友!!其中道理非三言兩語可以說明。
Too Good to be TRUE 的東西一定有問題, 尤其是金融保險產品。經紀只會揀好的說以滿足人們的貪婪心。保險的基本概念是” 羊毛出在羊身上, 一分錢一分貨”, 沒有白紙黑字Guarantee的合約, 就憑經紀吹牛, 不看合同, 不明道理, 憑感覺就下單去購買看似好得無比的保單, 多年後倒楣的一定是自己。
指數型保險不是不好, 而是不能隨便不分青紅皂白不講實話,拿著完全假設的漂亮打印數字報表見人就亂吹亂賣的!
我所看到的過去5年以上人們購買的指數型保單, 沒有一張達到賣保險經紀人所吹的回報, 不但沒有, 將來保單還一定會流保, 保單持有人進退兩難都恨得牙癢!!
以下是一篇最新有關美國保險業界對指數型保單的分歧看法供您參考。正規正派大型有Credit的保險公司如紐約人壽和大都會人壽是絕對不准經紀碰指數型人壽保險, 因為遲早會出事。
Industry Divided
Over Index Universal Life Insurance (IUL) illustrations
OCT 29, 2014 | BY ARTHUR D. POSTAL
The life insurance industry continues to be deeply divided over IUL illustrations.
The life insurance industry continues to be deeply divided over the content of illustrations agents use in selling indexed universal life insurance (IUL).
The differences are outlined in comments being submitted to the National Association of Insurance Commissioners (NAIC), which has proposed actuarial guidelines governing the IUL illustrations. The comment period closes Thursday, but two of the comments obtained by National Underwriter Life & Health expose the divide. The issue is also expected to be hotly debated when the NAIC’s Life Insurance and Annuities (A) Committee takes up the issue at the NAIC’s winter meeting in Washington next month.
The exposure draft was developed by the American Council of Life Insurers.
In comments submitted to the NAIC today, the ACLI argues that its proposal is appropriate. The ACLI said it developed its illustration package after identifying certain goals the illustration should meet, and then developing illustrations that conform to those guidelines. One of the goals, the ACLI said, is to create “consistency in determining illustrated rates for similar IUL products.”
The ACLI proposal meets these goals because policy values are illustrated at two nonguaranteed interest rates in addition to the guaranteed rate in order to highlight the likelihood of variability of returns; a table of historical index rates is provided to highlight year-by-year variability of returns(我所知道的賣指數型保險經紀沒有一個出示並告知客戶這些數據); and because a table of historical averages (歷史平均用來做報表絕對是誤導) based on different index parameters is provided to highlight variability of nonguaranteed elements and the impact to credited rates.
Amongst the supporters of the ACLI proposal is Pacific Life(這家公司財務極差), the largest underwriter of IUL products.
In a letter submitted to the NAIC, PacLife officials say they “welcome working with the NAIC to establish uniform IUL illustration standards.” The letter notes that an “important aspect” of the ACLI recommendation is to require that clients see illustrations at multiple rates, consistent with the variable nature of equity returns and consistent with illustration standards for variable universal life products.
Moreover, the PacLife letter said, “The maximum illustrated rate allowed by the ACLI recommendation is less than the returns that our clients have earned over the last 9 year period that we have been offering the IUL product.”
In fact, the PACLife letter said, “we backtested our product for 17 years before we began selling and we saw results that were very similar to the results clients have earned over the last decade (騙很大).”
Several larger insurers, however, have submitted comment letters voicing “strong concerns” with the ACLI proposal. They have formed a coalition that includes MetLife, New York Life, Northwestern Mutual and One America. The concern of the large insurers is that they fear they will wind up paying the bill if yields promoted by the proposed ACLI illustrations don’t meet investor expectations.
A comment letter from New York Life Insurance, for example, said its analysis concludes that “the ACLI proposal would produce illustrated values that have a less than 10 percent probability (這是真的)of being achieved over the long term.”
The NY Life comment letter said its analysis was produced by a team of actuaries and investment professionals and has been peer-reviewed by actuaries both within New York Life and externally.
“We have not seen any similar analysis that refutes these conclusions, and we believe that very aggressive assumptions would be necessary in order to demonstrate a reasonable probability of achieving the maximum illustrated rates that would be allowed by the ACLI proposal,” the New York Life letter said.
The NY Life comment letter said the illustrations to be used in selling IUL must conform to the NAIC Life Insurance Illustrations Model Regulation.
However, the New York Life letter said, “The ACLI proposal is silent with respect to appropriate assumptions for use in supportability testing,” and not “consistent with other general account product illustrations.”
Further, the NY Life letter, the ACLI-proposed illustrations are potentially “susceptible to ‘gaming’, that is, subject to ‘creative’ interpretation.”
IULs are also coming under scrutiny by New York state regulators. Last month, the New York Department of Financial Services launched a probe into the promotion of IUL insurance and is seeking data on how many carriers doing business in New York and the illustrations used to market such products. The data was due Oct. 1. IUL sales have recently soared, and represented 17 percent of individual life premiums in the second quarter, according to LIMRA.
由此文可以看見正牌大型保險公司對指數型人壽保險的態度。 否則, 他們早就涉足, 怎會任令
宵小橫行!!
[hr]
最后楼主想说的是，所有真实的东西都没有虚假的来得光鲜亮丽。如果一件事情”too good to be true“，就是我们要三思而后行的时候了。
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