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Thanks again. You know, I was a practicing lawyer for many years and I'm not dumb but this was complicated for me, till you explained it.
I'm now getting 11.7% per year on my Vanguard Index Fund for a 1% fee so I'm not sure what made my brother buy this. Thanks so much for trying to explain it. I guess what you said is that you're guaranteed 7% in the hypothetical "insurance" account but if you elect to take the hypothetical 7% account amount it will be amortized? As to the real account, which you can have outright, I guess you have to hope they'll out-perform the index funds? Does ING have an outstanding long record of such performance? Will it continue? I guess he's gambling on that.
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