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stringpicker
Forums Member
Joined: 23 Jun 2008
Posts: 9
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#1 · Posted: 11 May 2009 20:59
Does anyone have any experience with an Amway rep offering them $30,000 in cash in return for allowing Amway to take out a life insurance policy with Mutual of Omaha on them? This was recently offered to my mother. The rep told her that as long as she is between 58-70 years of age and she does not smoke, have diabetes type 1, heart disease or cancer she qualifies for their program. The sales pitch is that since the economy is so bad, investors are looking for new ways to make money and they will pay all of the insurance premiums with no cost at all to the insured and collect on the policy at the insured's passing. In exchange for the insured allowing them to do this, they will pay the Amway rep $40,000 in a check, the rep then goes to the bank to cash this check with you and keep $10,000 for themselves and give the insured $30,000 in cash! Since my mother passed his pre-qualifying health questions, the rep left a typical Mutual of Omaha Life Insurance Application with her and told her all she had to do was fill out her part and have her doctor fill out his and it would take about 6 months for her to receive her cash. This sure sounds like a SCAM to me but I would like some opinions from those of you who are much more learned on SCAMS and Amway in particular than I am.
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coolgoose
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Joined: 5 Apr 2009
Posts: 26
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#2 · Posted: 11 May 2009 21:08
Hey 'stringpicker'!!
I'm really sorry, but I cannot help you with this topic. I would love to, but I don't even know about it. Take care.
Everyone is here to HELP. I am also available at any time you need me.
Later,
CoolGoose~
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stringpicker
Forums Member
Joined: 23 Jun 2008
Posts: 9
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#3 · Posted: 11 May 2009 21:38
Thanks coolgoose, I appreciate the sentiment and offer you the same!
stringpicker
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mountainmom5
Joined: 30 Aug 2007
Posts: 2403
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#4 · Posted: 13 May 2009 11:13
SCAAAAAMMMMMM - RRRUUUUNNNNN!!!!!
I have a sneaking suspicion you would end up owing SOMEONE $30,000.... boy they are really getting sneaky with this scam. It works the same way as when someone from overseas or under the sea, maybe, offers to send you a check and then you have to somehow cash it or wire them some of it back... yeah, it ALL disappears from your account plus the amount they now have in their pocket ... leaving you with a huge minus in your account.
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stringpicker
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Joined: 23 Jun 2008
Posts: 9
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#5 · Posted: 13 May 2009 20:18
Hey Montana Mom, thanks for your input. I really do appreciate it! It does smell of a scam and I was skeptical from the start but I always like to seek advice and opinions from others who are better informed on any subject than I am.
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morton19
Forums Member
Joined: 29 Nov 2008
Posts: 4
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#6 · Posted: 22 Jun 2009 02:27
My wife and I have been in Amway for a few years now, and we keep in pretty close contact with our upline. I have never heard of this before, we do not offer any insurance programs. Just stay away, and I would suggest reporting this to some authority, it sounds like fraud to me.
Just my 2cents, hope this helps
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stringpicker
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Joined: 23 Jun 2008
Posts: 9
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#7 · Posted: 22 Jun 2009 20:19
Thanks for your two cents morton19, I have already told the gentleman that I am not interested. His answer was, "well you must not need the money" and that was that.
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asebf
Forums Member
Joined: 11 Sep 2007
Posts: 267
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#8 · Posted: 23 Jun 2009 13:15
This / he needs to be reported to the state insurance commissioner.
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Bob
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stringpicker
Forums Member
Joined: 23 Jun 2008
Posts: 9
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#9 · Posted: 23 Jun 2009 21:23
Yes Bob, it's very unfortunate that we have to constantly be on the lookout for next new scam that comes down the pike. It's exhausting having to live with my guard up all of the time.
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pushin2dlimit1
Forums Member
Joined: 12 Jan 2010
Posts: 1
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#10 · Posted: 12 Jan 2010 00:26
stringpicker i am in miami and my aunt has so far been approached 2x and both times she has signed up for this quick money being that these people are preying on the elderly who r n need of cash for whatever reasons.. she has been waiting for almost 2yrs now and poor woman of faith that she is doesn't hear me when i try 2 advise her that this soooo seems like a scam to me! what next?
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21decadeniche
Forums Member
Joined: 8 Jan 2010
Posts: 13
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#11 · Posted: 12 Jan 2010 23:13
asebf: This / he needs to be reported to the state insurance commissioner.
Exactly.The rep is using old people 58-70 yo to scam the insurance company for $10k plus $30K to (insurance agent, guess)
Quote: There's no free lunch in this world.
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stringpicker
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Joined: 23 Jun 2008
Posts: 9
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#12 · Posted: 13 Jan 2010 21:15
Hey Pushin2dlimit1, thanks for your comments. I'm also in the south Florida area (although these past two weeks I could swear I'm in the Arctic). Anyway, it's definitely a shame about your aunt. I have no respect for these thieves that prey on the elderly. I just happened to be in the right place at the right time to keep this guy from scamming my mom and I am also very fortunate that she does not enter into any business dealings without consulting me first. What worries me about your poor aunt is, now that she has given them all her personal info...what are they going to use it for? It's obviously not to give her the money they promised!
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stringpicker
Forums Member
Joined: 23 Jun 2008
Posts: 9
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#13 · Posted: 13 Jan 2010 21:19
Thanks for your comments 21decadeniche! I would report this guy but thankfully I haven't seen or heard from him since I very sternly told him "NO" shortly after my initial post on May 11. 2009.
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getagrip
Joined: 20 Feb 2006
Posts: 2019
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#14 · Posted: 19 Jan 2010 00:25
This is a common scam - whenever someone asks for a large sum of cash up front, with promises of a large return on that investment in a very small timeframe, it is often a scam. What usually happens is that the scammer sends you a check for the money, you cash the check at the bank and send a portion of those funds in cash, and then a few days later, the check bounces, and you are left owing the bank. Don't be a victim of these kinds of scams!
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stringpicker
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#15 · Posted: 19 Jan 2010 20:30
Thanks Getagrip! The thing about this scam that is different is that the scammer is not asking for any money at all upfront. What he wanted was my mother's permission to let Amway take out a life insurance policy on her. Then supposedly, "the investors" would write out a check for $40,000 payable to my mother and she would give him $10,000 out of that check for his services. At the time of my mother's passing, the investors would collect on whatever amount they bought the policy for.
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getagrip
Joined: 20 Feb 2006
Posts: 2019
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#16 · Posted: 20 Jan 2010 12:13
I'd say that chances are, the $40,000 check would bounce, and your mother would be out $10,000. You could always go directly to Mutual Of Omaha or Amway about this if you have further questions about the legitimacy of the offer, but it smells fishy to me.
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