If the shoe fits....just kidding. More on this below.
"In Cal they have a reinsurance program which allows other companies to take over policies."
So I'm supposed to find that inserting the State of California into my financial transactions comforting? No thanks.
"And our education and planning process of being too complex for you to understand."
Yes. I'm a CMC Econ Cum Laude grad, and can hold my own with most MAs and some PhDs in Econ. I've read the WSJ every day for 25 years. I still have no idea what most insurance people are saying. Insurance wrapped around investments is too complex for me. Therefore, most normal people, I believe, are duped into Insurance. That's not to say that a really great Financial Advisor couldn't understand it and guide people into proper vehicles. I'm just saying that virtually all the people so invested have no idea what they've been put into. Might be smart, might be stupid, but they have no idea. While that may not constitute fraud, it is really not a very nice thing to do to people.
Folks may need to insure against certain risks. Fine. Term Life is a good example of simple insuring against risk. Homeowners insurance. Straight and clean.
Separately, investments in straight and clean low cost index Mutual Funds (or ETFs for newcomers) is the prime way to invest in stock markets. Buying CDs, MMFs, and cash in bank is a simple, straightforward way of managing short cash. Individual Bonds, or Bond Funds are a simple, straightforward way of getting bond dampening of stock risk. Owning some ounces of gold or silver gets you exposure and a hedge against inflation.
Each of these classes of things are simplest to address directly. A key problem with insurance is that it wraps so many concepts into one vehicle that you can't disentagle the pure play versus the alternate component (risk mitigation, for example). By the time you have multiple components, it is also extremely easy to bury a poor performing asset, a costly structure, or more risk than the person wants or needs.
I don't have a problem with insurance. People should insure against risk. But I don't ask my banker to manage my stock investments. I don't ask Vanguard to carry my insurance. I don't ask my Gold Broker to hold my cash. I don't ask my grocer to provide me with a haircut.
For your education, you show a lack of knowledge of ways to build retirement on an insurance platform. You must have missed that day in school. And the day they taught ethics about accusing people you don't know.
Your accusing people of fraud in anonymity is despicable and dishonorable, especially when you obviously are not conversant with what you're talking about or the people and companies your accusing. But hey, it's the internet, so it's okay to do anything, right?
Building your retirement on the stock market is a mistake, as far as I'm concerned. I learn from history, not ignore it.
Have fun, I have a client to defraud.