Monday, August 01, 2011

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LIFE INSURANCE
What I recommend: Term life insurance.
Any life insurance that builds cash value are ripoffs.

39 comments:

Michelle said...

Wow, this site is awesome! This site help me out in making a decision on something. I highly recommend this website to other people!

Anonymous said...

very interesting concepts about life insurance. i read my own life policy i had 10 years ago and everything you said is true. i never read my life policy and it seems that I bought whole life. i am now considering replacing it with term insurance. thanks for sharing this info!

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Anonymous said...

i didn't believe everything you said about cash value life insurance because my agent said different things. then i read my own policy (a universal life) and everything you say is true. stupid me, i should of read my life policy when i got it.

if any of you are reading my comment, i advise you to read your life policy and compare it to what this dude wrote in this website.

Anonymous said...

Interesting... I've worked in investments for years and while I don't disagree with most of your points, I seriously question your credibility. If you are in fact an investment banker, you violate conflict of interest arrangements in providing any kind of investment advice. To do so would be flirting with an organization with bigger ears, eyes, nose, etc. than the IRS-- the NASD. At 25 years old, you have a great deal to learn about an industry you're not sure if you actually work in. Hopefully you are properly licensed because giving such advice without being so is highly illegal!

Anonymous said...

I agree with your last comment. To being giving such broad advice to people is not in the best interests for everyone. Not to mention it is illegal to solicit or give advice with out being properly licensed in all 50 states. You better go back and reread your series 6 or series 7 rules for solicitation.

As for your big term vs whole life...Sounds like you work for Primerica.

Anonymous said...

Your comments seem focused on one specific market, and might generally be true for them, but the broad and generic advice you seem to offer certainly doesn't work for everyone and is a disservice to most of the people outside of your market. Also your concepts on permanent insurance are fairly out-dated. I guess since you sell term "100%" of the time, we shouldn't expect you to really understand contemporary market offerings - something you don't learn in the confines of a university.

Forget series 6 or 7. With the Merrill Lynch ruling going to the FPA over the SEC, you should get your series 65 or 66.

Anonymous said...

A Free Financial Needs Analysis? I know who you're with. It's okay, it's the best company for middle America.

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Anonymous said...

CLAP! CLAP! CLAP! Finally, someone who is financially smart.

Term insurance is the best life insurance ever. The only time when someone should get cash value life insurance is when someone else is paying for it. But if you are going to pay for your own life insurance, then you should get term insurance. Why spend more money on cash value life insurance when you can buy the same amount of coverage for half the price with term? And if you invested the difference into mutual funds, your mutual fund can outperform any cash value life insurance policy in the long run.

Anonymous said...

wow... good info about simple interest vs schedule interest...

Anonymous said...

Wow, this site has it all! I recommend this site to everyone. I also see those cash value agents still trying to throw their 2 sense in, its useless guys the numbers don't lie. Nor did I see any advice on what investment options, only financial education.

Brigham said...

Finally, finacial advice that makes sence!!! It seems too often a financial advisor is more intrested in his commissions than his clients. Either that or talking over peoples heads and confusing me... Anyway thanks for down to earth, real advice!

somuch said...

wow, i really like ur explanation, it really open my eye and i really learn a lot about insurance from ur blog. i like it so much ! what is your comment about hospital cash income?

The Watchman said...

Just another biased approach to selling insurance and mortgages. Little or no documentation is provided that proves your often distorted point of view. My suggestion is that you broaden your financial understanding beyond that of your immediate sales manager and home office so that you have the skill to evaluate your financial bias in light of broader economic factors. At least a basic understanding of
"opportunity costs" and "net present value" would deepen your insight to the point that you could properly evaluate other financial instruments and change your opinion about much of the material presented at this sight. You should also, at least on one occasion, take the time to evaluate a client's financial picture using your own analytical tools and common sense rather than those provided by your Home Office. If you did this evaluation every time, you may find that a client of yours may eventually find your advice worth paying for rather than you having to provide it for free as a means to sell your proprietary products.
Wm. David Thomas

Darrel said...

I am curious. I can't find any information about who actually owns/operates this blog. Based on the topics, and their inherent bias, this appears to lean towards the concepts Primerica promotes.
In order to be credible, there needs to be an identity/entity associated with this.

Darrel

Dorothy said...

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Waiting for your quick and positive reply to come.

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Anonymous said...

I see the old hags of life insurance agents trying to prove their case that permanent life insurance is better than term insurance. I bet most of them either own term insurance or no life insurance, but they sell the other crap instead. If you do own cash value life insurance, then the person who sold it to you must be very good at selling it b/c you are paying way too much for this insurance.

A question that remains unanswered: Why is it that only life insurance builds cash value and no other types of insurance has it?

Doing the Right Thing said...

My theory on why permanent life insurance builds cash value is because its insurance for the insurance company that is paid by the policy owner. Just like banks take your money and then loan it to someone else or invest it for themselves, the insurance takes a portion of your premiums and put portion of it into reserves and invest the rest or loan it. While you get a 0-3% interest on your money, the banks and the insurance companies are earning 5-10% returns.

If cash value really belong to you, there would be no such thing as borrowing. You should be able to take it out anytime without paying fees or loan interest on it. If you die, your beneficiary should get both face amount of policy and your cash value.

But the sad fact is that in order to include both at time of your death, you have to select a Death Benefit Option B at the time you filled out the life insurance application and also pay lot more premiums than Option A (which does not include cash value with death benefit). If you ever wanted to take money out, you have to borrow it and pay loan interest on it (which doesn't even go back into the cash value when you pay it back). The cash value really don't belong to you until you surrender the policy. Even then, the insurance company charge you a surrender fee. Isn't that ridiculous?

Cash value life insurance is the biggest rip off and it only benefits the agent who sells it. If you ask any financial expert, they too would agree with my opinion.

Anonymous said...

Hey. Thank you for your help! I believe with your guidance I would have enough coverage and have lots of savings for my retirement.

Doing the Right Thing said...

That's what I do. Good luck with your future. If you need any more help, just come back to this blog.

Anonymous said...

Thank you for all the information you gave. It was an eye opener to see how big of a rip off that cash value life insurance really is.

Former ALWilliams said...

Your blog was referred to me by a client and I must say that I am impressed. My career got it's start with AL Williams and I have always had a place in my heart for the company. I am still in the financial services industry and believe in BTID & mutual funds.

One issue I have, and the reason I left Primerica, was the fact that they do not guarantee their premiums beyond 20yrs. So if a client buys a 25-35 year term policy the premium can go up after 20yrs. I know that to overcome that objection we can throw in the theory of decreasing responsibility and say you shouldn't need the same amount of insurance after 20yrs, but it seems unethical to me. What is your opinion on this?

allcustom said...

very interesting concepts about life insurance.This site help me out in making a decision on something. I highly recommend this website to other people!

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Leon said...

I read my own life insurance policy (which was whole life) and everything you said about is true. Stupid me for not reading my policy after getting it. I am now going to get term insurance.

Debra N. said...

This is a FANTASTIC page dedicated to understand life insurance. I've bookmarked this blogspot and intend to visit it frequently.

Keep up the great work!

Anonymous said...

Wow. Thanks for sharing the great info about whole life insurance. What a total ripoff

Lesley said...

Life insurance is very basic and mandatory part of financial planning. The life insurance is the investment which pays you back even after your unfortunate death. life insurance south dakota is the life insurance company which is known as an icon about the claim fulfilling of your policy.

Chris from getlifeinsurance.co.za said...

A life insurance coverage is definitely one of the best investments you can make for your family. You may frown at the monthly premium payments but at least you can be sure that your family's financial security won't be compromised in the event of your death.

Anonymous said...

Although the idea behind impaired risk life insurance is to help your dependents cope financially in the event of your death, it is still best to get a cover even if you're still living with your parents so as not to put them in hardship to at least bury you. Besides, the same policy will cost you more as you get older so better to take care of it early.

Shanna White said...

Insurance kitchener is very basic and mandatory part of financial planning. Thank you for this informative article on the subject!

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Anonymous said...

Primerica is a scam!

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