The costs and operations of cash-value policies such as whole life have never been properly disclosed. Life insurance sales literature consists of fanciful illustrations that do not provide a basis for decision-making.

Agents routinely make many misleading and/or fraudulent material statements. Consumers, even “authorities,” have little ability to detect misrepresentations. Recall Plato’s caveat: “Everything that deceives can be said to enchant.”

No other consumer financial products provide comparable rewards for misrepresentations, nor have a marketplace where the pervasiveness of misinformation is as extensive. New agents are recruited by the thousands each year with enticing recruitment pitches built on compensation unobtainable if products were properly disclosed. Poorly trained and supervised, more than 4 out of 5 recruits within a few years fail, although not before wreaking much financial havoc. Those who “succeed” though, give proof to Upton Sinclair’s adage, “It is difficult to get a man to understand something when his job depends on not understanding it.”

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