4,000 Reviews, $1M in Refunds: The Ugly Truth About IULs w/ Jonathan Aguilera

Most people who buy life insurance never read the fine print.

They’re promised “stock market–like returns without the risk,” a retirement account that doubles as a tax-free loan machine, and peace of mind for their families.

On paper? It looks like the perfect product.

But what happens when the math doesn’t add up, the illustrations don’t match reality, and families find out, years later, that the policy they’ve been funding is set to collapse?

That’s the dark underbelly of the Indexed Universal Life (IUL) industry.

And it’s exactly what my guest, Jonathan, aka the IUL Exposer, has dedicated his career to uncovering. He’s reviewed over 4,000 policies in just 18 months, uncovered systemic mis-selling, and even built a process that has helped families claw back over a million dollars in refunds.

Jonathan isn’t anti-insurance. He’s anti–false promises. His work shines a light on how commissions drive product design, why regulators are warning against IULs, and how clients are left holding the bag when agents disappear.

This episode isn’t about theory, it’s about hard numbers, legal battles, and the uncomfortable truths most of the industry hopes you never learn.

Things You’ll Learn In This Episode 

-Illustrations are a trap

IUL projects steady growth that rarely happens. Why do clients still trust the numbers?

-Commissions drive the product

IULs are sold 10-to-1 over whole life because they pay the fattest commissions. What does that reveal about whose interests are really being served?

-Refunds are possible

Families often think their money is gone forever. How are some clawing back tens of thousands in refunds?

-Indexes aren’t what they seem

Synthetic “uncapped” indexes promise market-like returns but rarely deliver. How are clients set up for disappointment from day one?

 

Guest Bio

Jonathan Aguilera is the voice behind @lifeinsurancerefunds on TikTok and Instagram, a platform dedicated to exposing misleading life insurance practices, breaking down complex policies, and helping families recover money they thought was lost. Licensed since 2012, Jonathan once built a national agency of 250+ licensed agents with Primerica. But when faced with the choice to “stay quiet to stay compliant” or speak up for what’s right, he chose the latter. He resigned, surrendered his securities licenses, and walked away from everything he’d built to launch DTRT Financial, not just a company, but a movement. Jonathan isn’t the suit-and-tie advisor chasing commissions. He’s the guy who got fed up watching families get misled, overcharged, and under-informed. Through thousands of policy reviews, he’s exposed the harsh realities of cash value life insurance while educating the masses on how to make intentional financial choices. Visit IULExposer.com to learn more. 

About Your Host

From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America’s #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is currently the founder of The Money School™, and Money Mentor for The Money Multiplier.

His success also includes managing tens of millions of dollars in assets in the financ