OK ,But if a person takes a term policy because they cannot afford the permanent insurance there will be no difference to invest. What it sounds like to me is a gamble do I want to spend _amount of money for a term policy that will pay off if I die withion that term OR if I don't at the end of that term I may or may be able to change it to permanent or I may have just lost all those premiums. Am I understanding that correctly. Either you gain or the insurance company gains. BUT, if well over 90% of term policies are ever paid then the insurance compainies are making the most.
What smiles?
What a great conversation you guys have going on here.
Maze, I believe you have done a wonderful job thus far. I'm afraid, however, you will always run into resistance from those who have Suze Orman's picture taped to their refrigerator door.
Someone in their mid-50s are very rarely candidates for term insurance and even Suze knows that. Because she wants someone to have the money to settle her estate when she passes on, she owns a huge Variable Whole Life policy through Mass Mutual.
I do not think 30-year term policies with Return of Premium (ROP) riders are available past age 50.
If I were an agent tasked to help these people, I would have asked them the same questions you [Maze] did: Budget, needs, goals and if they want to pass money along to their loved ones when they die. If they don't, term might be the way to go and if they do, stay away from a term plan.
Pretty simple actually. _________________ Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
Actually...there is no right answer to these questions. Not only are there different answers to each client's needs...but situations change rapidly. Someone who needed term a few years ago may now be better off converting the contract.
There is no one fit for each scenario...despite what Johnny Cochran would like you to believe. You know...if the glove don't fit...
By the way...White Death here in the Midwest tonight. And Tuesday as well.
Maze,
Actually there was nothing to survive. I took it easy, stayed home and didn't even drink. My wife and I flew our plane up to Reno yesterday and dropped 6 or 7 housepayments - that pretty much sucked. You can't win them all and the flight home was incredibly beautiful.
I'm back today working on the first copy of a complaint against the big insurance company that's listed in the "Currently in the Spotlight" section of my website.
My personal "Get out of Debt" plan works somewhat differently than those of Orman, Ramsey, and Jimmy Cramer. You see, as long as there are dishonest, poorly trained, or delusional life insurance agents, I have job security. The aforementioned individuals are just aiding the cause. _________________ Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
