Meeting a relative out of town a couple years back for “dinner” and asked about a life insurance plan

Back in 2019, my relative who lives out of town had asked me if I could meet him at the hotel he was staying at so we could catch up.

We met up and he has his business partner with him and they started talking about if I want to start an account as a type of IRA life insurance deal. Well I told him I already have decent life insurance from my job and as a veteran. I said no and he said ok and he said we have to get going to a meeting so we didn’t even catch up on anything or have dinner.

I guess to get to the point, is this a new type of scam? I mean yea I technically got lied to about dinner or catching up but I’m still full of questions. I haven’t talked to my relative since and nobody else in my family thinks anything is wrong with it except me and my brother. I would appreciate any answers about this IRA/life insurance company that he was trying to peddle. Is it legit or a scam?

The content was posted by izzyjones19 on 2021-11-11 19:15:02 via reddit

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  1. Aunty_Fascist says:

    There are MLMs that sell insurance.

  2. Enders__Game says:

    Your relative sucks.

  3. Sounds like amway or something similar insurance mlms

  4. Miss_Mermaid1 says:

    Def an MLM. Probably Primerica or AIL. Your relative was not looking to catch up, but to recruit you.

  5. RicoDredd says:

    Many years ago, I moved to London with my girlfriend but did know anyone else there. A mate from my home town said that a mate of his had recently moved to London too and he gave me his phone number and we arranged to meet for a beer. He spent the whole evening trying to sell me life insurance – his new job – and absolutely would not take no for an answer and was ringing me at home for weeks – this was pre mobile phone days – until I had to literally tell him to fuck off and stop bothering me.

  6. goofytigre says:

    It was probably a legal scam (MLM) called Primerica. They do provide investment and life insurance, but at a high premium. You are better off going through a reputable broker for those financial instruments.

  7. Admirable-Cupcake-85 says:

    This is 100% Primerica. You’ll hear from your relative again. They have no quit in them.

  8. -Apricotta says:

    Sorry this happened, what a terrible person your relative is. I’d call him/her out on it.

  9. Equivalent_Chef8583 says:

    As someone that used to work in that industry this is a very typical training exercise. Either your cousin or his partner were just starting with this company or they are struggling with their numbers. Unfortunately you are trained or required to go through the list of people closest to you to try to land a quick sale. Having been in sales a long time I’ve found this is a terrible way to get sales because typically the people closest to you are the hardest to close. I wouldn’t say this was a scam just typical life insurance sales

  10. petrovich16 says:

    A “friend” of my sister sold her 2 life insurance policies. She already has one from work. She also isn’t married and doesn’t have kids, but the company told her she was high risk lol. Of course it’s harder to convince her to cancel it.

  11. Wouldn’t call it a scam, but your relative is just a dick. There’s plenty of registered and certified “financial advisors” out there, the problem is that the firms that hire them just want them to onboard every single person in their phone contact list before they burn out and leave the industry.

    This is coming from someone who was in your relative’s shoes at one point. In a year or two when he’s back to a ‘normal’ job you can probably have a real relationship again.

  12. IAreAEngineer says:

    Sorry your relative only saw you as a source of income. Ugh.

  13. RedRose_Belmont says:

    I wouldn’t call it a scam but it’s pretty shitty behavior. At least they did not keep wasting your time.

  14. Artsap123 says:

    Just remember to keep saying no when all your Ivy League relatives come begging when the scam wraps up.

  15. xXhomiespogXx says:

    This reminds me of Rick from “Community”

  16. sofia1_11 says:

    MLM pitch. r/antiMLM is a great source of info about those schemes.

  17. fatalcharm says:

    Sounds like Multi-Level Marketing (MLM) which is an awful thing to get into. Notice how your relative didn’t have dinner with you after you turned the deal down? MLM’s work like cults, and take over peoples entire lives, drains their bank accounts and causes people to lose friends/family/spouses etc.

    Not sure if they can technically be called a scam, but they really should be. The only people who succeed in MLMs are the people who founded them.

    For those who don’t know: how MLMs work is that you make your money by recruiting people to basically recruit more people. You have a product or service to sell, but make very little money from sales. You make the most money by recruiting people, who then become your competition. It’s ridiculous and set up to fail.

    Go have a look at r/antimlm it’s a great sub.

  18. Mission_Search8991 says:

    Agree with many of the comments that this is either a Primerica or some MLM crap that resells such services. I got dragged into a presentation as a favor to a neighbor, and it ended up being a ptich from Fortune Hi Tech (a MLM) that was complete crap. They lied, over and over.

    One of the lies was that if you booked your travel thru them (or had all of your friends and relatives, before all of them stop speaking with you) you would get $$ back. They tried telling me that American Airlines paid out 40%, and that hotels were just below that. BULLSHIT!

    Airlines pay out a ~dollar or so for domestic flights to most referral sites, and hotels are a bit more. So there is no way a scam MLM is getting what they claim.

    Airlines pay out a dollar or so for domestic flights to most referral sites, and hotels are a bit more. So there is no way a scam MLM is getting what they claim.eighbor, and it ended up being a pitch from Fortune Hi Tech (an MLM) that was complete crap. They lied, over and over.

  19. TooOldForThis--- says:

    It’s your cousin Ned! Ned Ryerson! Bing!

  20. New relative is in order.

  21. Parsley-Quarterly303 says:

    It’s an MLM. They basically force their “employees” to swindle their friends and family for a large part of their “sales.”. Primerica is one like this.

    I almost got suckered into one of these gigs. They got a $50 fee out of me but that’s it after I went home and did some googling after a ridiculously shifty interview. I called and cussed the dude out afterwards lol

  22. Daveyhavok832 says:

    Not necessarily a MLM thing. There are good term life insurance policies out there that he would definitely benefit from personally by selling you on. But they are not a scam. The one I had set up when I was 22 would only have required me to pay into it until the age of 35 and would continue to grow for as long as I kept the policy. I think it was around $160 per month for 13 years and had a guaranteed payout of $500k but would have been up over a million by retirement age. So it does kind of act as a retirement savings. Unlike an IRA, I’m sure I would have paid tax taking it out. But I got strapped for cash after three years and didn’t want that monthly bill. So I cashed out. Got check for a few grand within a couple days. So definitely not a scam.

  23. XtremeD86 says:

    Lol their meeting was most likely trying to con other people as you didn’t work.

    Call them out on fb and all social media as they’re probably combing people’s friends lists.

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