Trust your policy, NOT your Agent
I have been with State Farm insurance for over 40 years. I had life insurance policies on my stepdaughter, Son-in-law, and two grandchildren. Shari filled out the paperwork so badly, she didn't even have their correct names on the forms. Not that she misspelled the names, she had different names entirely. Because of Shari's shoddy work, State Farm canceled all 4 policies.
I converted a $100,000 term life policy I'd paid approximately 15 years to a whole life policy. I have the notes from Shari and her partner, Mac, showing me how my new policy will build value. Once paid in full, $20,000 will be available to pull out in cash. If I don't pull out the $20,000, it increases the payout to my family. If I do take out the cash, depending on the stock market, the payout is guaranteed to be no less than $38,000.
All lies. I can pull out cash, but it’s a loan against the policy. That $38,000 is the max payout the policy allows. Not $38,000 plus $20,000 like Mac wrote out for me on the print out. Anything I pull out from the policy comes directly out of the payout. If my sister and I take that once in a lifetime trip we've been dreaming of for years? I will have converted a $100,000 term policy to a whole life policy with a death benefit of around $19,000.
Shari, for her part, begged me not to cause a fuss when my kids' policies were under investigation. Once State Farm canceled the policies and she kept her license, Shari couldn't be bothered.
Luckily I'm with a different agent now. They're fantastic. If you're with Shari Edwards, check your policies carefully. You may not have the coverage you think you do.