Business ProfileforYour Personal Bank

They take advantage of older people who trusted them. They are selling a very complicated product and so confusing that the only way you can understand it by trusting the seller of product who is unable to explain it completely honestly. We are 77 and ******************************************************** a income investment.We wanted to buy a annuity for monthly income and when we had your personal bank representative come to house he said he had a much better product than a annuity it was a modified endowment life insurance policy that was so much better. We asked and asked questions about it telling him we did not need life insurance but he being what we thought was a fiduciary said this was much better than an annuity it would provide income and life insurance. When I asked what was the cost of the life insurance he was unable to give me a number due to the complexity of the product but it would be paid for in the first two years and we would be making intrest money to pay fot it. We invested ***** dollars + 1st year premium of ***** dollars .He said you can get your money back out and use it while the life insurance was paying you intrest on the same money you got back as a loan.It sounded funny but this man was on the radio supposedly helping people with their retirement savings.The reality of it was his personal bank he was fueling. All the dividends were being consumed by the high cost of the insurance and his commission. If you did not borrow your own money the break even point was 8 years. So you give the insurance company ****** dollars and you breakeven if you surrender the policy in 8 years. Now we are 80years old and the break even point is 8 years LATER. SOME INVESTMENT PRODUCT. After realizing how we were manipulated into this the only way to win was to die and collect the insurance. Then realizing that after 5 years the amount of insurance was about the same amount I invested. We surrendered the policy after 3 1/2 years for a ***** dollar loss