My mother only speaks Mandarin Chinese and is surrounded by other such Mandarin Chinese-speaking folks that have been trying to entice her to buy whole life insurance because it supposedly offers nice payouts (like if you pay premiums for $250,000, you'll get a payout of $500,000 or something like that).
Now the thing is, if I try to explain it to her she's not going to listen. Are there any Chinese-language resources (videos, articles) that can explain to her why she should not be buying whole life insurance?
Show her a compound interest calculator that shows how much she would have if she invested the money for the same time period.
This is the way - numbers don't lie and they speak every language
This only works if OP speaks insurance jargon like OP's mother's friends.
That's a good idea. Thank you
They are trying to get her to buy it because they will probably make a very nice commission from selling such a policy.
Don't know about any Chinese language sources, but you can try translating this and explaining it to her: https://www.whitecoatinvestor.com/debunking-the-myths-of-whole-life-insurance/
Thank you, I may try this.
A friend was trying to suck me into World Financial Group (WFG), selling whole life. I went to a meeting and saw a ton of Asian Americans scamming, er, selling to their friends and relatives. I said NO THANKS and never joined.