Actually don't need any more time to tell. This story has already been told. Carl, give an insurance agent a call and ask them about insurance pension plans. Ask them if all pension plans have the exact same premium regardless of age and a face amount of $200,000. Ask them how long it takes for just one policy to be reviewed and approved, then ask how many policies their insurance company issued last year. Then ask how soon you can borrow against the policy after it is issued. Once you do you too will have your answer, plus you will get an education to help you avoid a scam like this again.