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From: dr_jeff on 14 Nov 2009 16:34 Mike Hunter wrote: > One needs life insurance to protect the family if the bread winner is taken > away prematurely. A whole life policy is by far the lowest cost way to do > so IF as I suggest it is converted. > > If you had done some research before you chose to comment yet again, on a > subject of which you seem to have little or no knowledge, you would have > discovered a family whole life policy guarantees the insurability of all of > ones children when they reach their majority. > > No other policy does that. Term life appears to be less expensive when a > father is young, but the premiums go up appreciably, upon renewal and term > life does not offer insurability protection to either the insured or his > children. On the other hand if converted as I suggest ones coverage will > nearly DOUBLE and with NO further premiums being due on a family whole life > policy. What is best for a particular family depends on the needs and assets of that particular family. In addition to insuring the life of the family should a breadwinner should die, the family also needs to be insured in case a care-giver (e.g., stay at home mom or stay at home dad) should die. And, disability insurance is quite important, because someone my age is far more likely to become disabled than dead in the next several years. We can argue back and forth about what type of life insurance policy is better in general. That's not important, because every family is different with different assets, needs and values. However, my point is that a lot of people bought insurance policies and other financial products without understanding all the benefits and costs, as well as the limitations of the policies, and without understanding all the options the person had to buy other financial products. One should remember that the (put name of industry here, including insurance) industry is really interested in providing money for its owners, not its costumers. If you really think the insurance industry is in business to help its costumers, consider all the people who have had claims denied to save the insurance company money rather than honor their contract. Clearly, the financial services industry and insurance industry are in business to make money. Look at the how the people on Wall Street are still getting huge bonuses. Jeff > "dr_jeff" <utz(a)msu.edu> wrote in message > news:19OdnXt1yuTbkGLXnZ2dnUVZ_q9i4p2d(a)giganews.com... >> Mike Hunter wrote: >>> There is nothing wrong with a whole life policy as long as it is a Family >>> Policy and one converts it to a self paid policy after about ten years. >> However, it is not a good investment vehicle for a lot of people. And a >> lot of people bought them without understanding them or their other >> investment options. >> >>> One ends up with nearly twice the face value of the policy and no long >>> needs to pay anymore premiums. By the time one family is out of the >>> house one no longer need life insurance. >> Depends on the circumstances. >> >> But my point is that a lot of people bought insurance policies without >> understanding their needs or options. >> >> That's why there are fee-only financial advisors. >> >> Jeff >> >>> "dr_jeff" <utz(a)msu.edu> wrote in message >>> news:16ydnUyVA8MSUGPXnZ2dnUVZ_rFi4p2d(a)giganews.com... >>>> Ralph Mowery wrote: >>>>> "dr_jeff" <utz(a)msu.edu> wrote in message >>>>> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com... >>>>>> My dad is 82. He has for years been making really stupid financial >>>>>> decisions without asking for help from me, my brother or a financial >>>>>> planner. All you can do is offer her help. >>>>>> >>>>> When some people get some age on them , they will often do stupid >>>>> things or make stupid mistakes. >>>> Yeah, and that starts at age 0. >>>> >>>> Unfortunately, in his day, there was no such thing as personal financial >>>> education. And, people thought buying whole life insurance was a good >>>> idea for them (in some cases it is, but mostly, it isn't). Now there is >>>> some good education, like soundmoney (soundmoney.org). >>>> >>>>> I went throw that for several years with my dad. My mother had passed >>>>> away and dad was living by himself. He had a new well drilled just >>>>> because one faucet had low water flow. He could water the garden for >>>>> an hour with plenty of water, so there was nothing wrong with the well. >>>>> I had looked at it once for him. Probably one of the low flow faucets >>>>> they make now. He had a HVAC company to check out his heat pump >>>>> several times because he thought smoke was coming out of the vents. >>>>> When he was in his prime he could have repaired it himself if it had >>>>> actually needed it. He was handy with tools. He made a living working >>>>> a place repairing appliances like stoves, refrigerators and washing >>>>> machines. Before that he worked as a plumber. >>>> My dad's the same way. >
From: Mike Hunter on 15 Nov 2009 12:41
DUH! Did you skip economics 101, or are you simply that slow? Why would anybody want to invest in a business, any business, if they did not EXPECT to earn a profit? Why would anybody want to start a business, any business, that did not want to attract and maintain customers, who make provide profits that maintain and grow the business? Only a growing business requires more employees who earn a living BECAUSE someone provides the profit with which they can employ all of people who work for that business, that wanted to attract and maintain customers, who provide the profits that maintain and grow the business, dummy? "dr_jeff" <utz(a)msu.edu> wrote in message news:gLmdnTdAhLj3v2LXnZ2dnUVZ_uKdnZ2d(a)giganews.com... > Mike Hunter wrote: >> One needs life insurance to protect the family if the bread winner is >> taken away prematurely. A whole life policy is by far the lowest cost >> way to do so IF as I suggest it is converted. >> >> If you had done some research before you chose to comment yet again, on a >> subject of which you seem to have little or no knowledge, you would have >> discovered a family whole life policy guarantees the insurability of all >> of ones children when they reach their majority. >> >> No other policy does that. Term life appears to be less expensive when a >> father is young, but the premiums go up appreciably, upon renewal and >> term life does not offer insurability protection to either the insured or >> his children. On the other hand if converted as I suggest ones coverage >> will nearly DOUBLE and with NO further premiums being due on a family >> whole life policy. > > What is best for a particular family depends on the needs and assets of > that particular family. In addition to insuring the life of the family > should a breadwinner should die, the family also needs to be insured in > case a care-giver (e.g., stay at home mom or stay at home dad) should die. > And, disability insurance is quite important, because someone my age is > far more likely to become disabled than dead in the next several years. > > We can argue back and forth about what type of life insurance policy is > better in general. That's not important, because every family is different > with different assets, needs and values. > > However, my point is that a lot of people bought insurance policies and > other financial products without understanding all the benefits and costs, > as well as the limitations of the policies, and without understanding all > the options the person had to buy other financial products. > > One should remember that the (put name of industry here, including > insurance) industry is really interested in providing money for its > owners, not its costumers. If you really think the insurance industry is > in business to help its costumers, consider all the people who have had > claims denied to save the insurance company money rather than honor their > contract. Clearly, the financial services industry and insurance industry > are in business to make money. Look at the how the people on Wall Street > are still getting huge bonuses. > > Jeff > >> "dr_jeff" <utz(a)msu.edu> wrote in message >> news:19OdnXt1yuTbkGLXnZ2dnUVZ_q9i4p2d(a)giganews.com... >>> Mike Hunter wrote: >>>> There is nothing wrong with a whole life policy as long as it is a >>>> Family Policy and one converts it to a self paid policy after about ten >>>> years. >>> However, it is not a good investment vehicle for a lot of people. And a >>> lot of people bought them without understanding them or their other >>> investment options. >>> >>>> One ends up with nearly twice the face value of the policy and no long >>>> needs to pay anymore premiums. By the time one family is out of the >>>> house one no longer need life insurance. >>> Depends on the circumstances. >>> >>> But my point is that a lot of people bought insurance policies without >>> understanding their needs or options. >>> >>> That's why there are fee-only financial advisors. >>> >>> Jeff >>> >>>> "dr_jeff" <utz(a)msu.edu> wrote in message >>>> news:16ydnUyVA8MSUGPXnZ2dnUVZ_rFi4p2d(a)giganews.com... >>>>> Ralph Mowery wrote: >>>>>> "dr_jeff" <utz(a)msu.edu> wrote in message >>>>>> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com... >>>>>>> My dad is 82. He has for years been making really stupid financial >>>>>>> decisions without asking for help from me, my brother or a financial >>>>>>> planner. All you can do is offer her help. >>>>>>> >>>>>> When some people get some age on them , they will often do stupid >>>>>> things or make stupid mistakes. >>>>> Yeah, and that starts at age 0. >>>>> >>>>> Unfortunately, in his day, there was no such thing as personal >>>>> financial education. And, people thought buying whole life insurance >>>>> was a good idea for them (in some cases it is, but mostly, it isn't). >>>>> Now there is some good education, like soundmoney (soundmoney.org). >>>>> >>>>>> I went throw that for several years with my dad. My mother had >>>>>> passed away and dad was living by himself. He had a new well drilled >>>>>> just because one faucet had low water flow. He could water the >>>>>> garden for an hour with plenty of water, so there was nothing wrong >>>>>> with the well. I had looked at it once for him. Probably one of the >>>>>> low flow faucets they make now. He had a HVAC company to check out >>>>>> his heat pump several times because he thought smoke was coming out >>>>>> of the vents. When he was in his prime he could have repaired it >>>>>> himself if it had actually needed it. He was handy with tools. He >>>>>> made a living working a place repairing appliances like stoves, >>>>>> refrigerators and washing machines. Before that he worked as a >>>>>> plumber. >>>>> My dad's the same way. >> |