Posted: Thu Jan 17, 2008 7:01 pm Post subject: I agree
Your right on with that and its to bad that happens to often. Agent must do whats right for the insured and stop thinking about lining there pockets.In my area this agency insures 36% of the area and there is a good reason we do so.Its called do whats right for the person in front of you!
I do not wish to revise any of my opinions. Thanks for your concern. Term is a better product, my opinion again. In regards to commission, you receive more commission on whole life policies. As far as defamation, I believe you should reread your post and watch your implications towards me. My opinion on Term Insurance over other types is supported by Jim Cramer and Suze Orman. Check it out.
Thanks for the return post.
You are of course, entitled to your opinions. Those you have shared with us speaks volumes about your level of sophistication and professionalism.
The fact that you know a bit about the commission structure of life insurance means that you are, at least, familiar with the industry. The fact that you've tossed Jim Cramer's and Suze Orman's name into the mix means absolutely nothing.
Let's run a little test; go into any major search engine and type in "Whole life versus Term insurance" and see how long it takes for Cramer's or Orman's name to come up. My friend, Walter Updegrave with CNN has a couple articles in there but there is no Suze to be found.
Then type in "Life Insurance Fraud Investigator" or "Life insurance Fraud Investigations" and see who comes up. You see, I've been assisting in the prosecution of agents who misrepresent the terms and conditions of life insurance policies much longer than either Jim or Suze.
I'll admit that while I may not be quite the journalist Jim Cramer is, I know a great deal more about insurance law and agents who are prosecuted for defamation.
While your opinion is supported by Mad Money and Suze Orman, mine is supported by the New York State Supreme Court. Check it out. _________________ 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.
To Insinvestigator
I don't understand why you feel the need to keep insulting me. Explain to me how insulting another person is sophisticated or professional. The original post asks for your opinion on term vs whole life insurance. What do you recommend?
If you feel that I have insulted you, please allow me to publicly apologize for my actions. As you might be able to tell, I am very passionate about keeping honesty and ethical responsibility at the absolute forefront of every conversation (or business transaction) I am involved in. IF more agents felt as I do, 39.6% of every life insurance policy written in America since 1983 wouldn't be bad.
If I was asked for my opinion on this issue, I would say that there are advantages to term policies, ie mortgage protection, supplemental coverage that can be used with an overall financial plan involving a 401k, annuity, or other investment vehicles.
Whole and Universal life are much better options if one would like to have a life insurance policy in force when they die - no matter when that might be.
Do you realize there are more millionaires in America right now than at any other point in history? Because of the various lotteries, raffles, drawings, etc., the number of people whose net worth is in the 7-figure range is increasing at the rate of around 170-190 per week!
If you have already earned your CLU or ChFC designation, you'll know that advanced estate planning with term insurance is ludicrous. Because I am truly sorry for what I've done, I'll let you in on a little secret.
Suze Orman has a very large (I can't give you more than that) variable whole life policy with Mass Mutual. This plan has been placed in trust (probably a Q-Tip) and will undoubtedly be used to offset her estate's tax exposure when she dies. Because of her choice of lifestyle, she will [probably] never have a husband with which she could excercise her marital deduction option allowed by the IRS.
There are advantages to each plan and you should consult a financial professional to determine which one is right for you. _________________ 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.
You may also want to consider buying a term life insurance policy for your short term needs of between 1-30 years, and purchasing a small permanent life insurance policy to provide you with lifetime coverage to pay for your final expenses.
Then, also consider putting money into your 401K and shorter term savings plan.
Depending on your age, term life insurance may be able to provide a large amount of coverage at a lower cost, when compared to permanent life insurance.
Make sure you consider the financial strength rating of the life insurance company you choose, as well as the customer service, and any complaints on file with the Department of Insurance in your State for the life insurance company.
Also, compare rates and plans from several carriers before choosing a plan. You can use the yellow pages to find a local life insurance agent, call a friend or family member for a referral, or compare quotes online from a life insurance quote service.
There are many good sources of information available for life insurance, including wikipedia. _________________ Visit http://www.term-life-online.com to learn how term life insurance works and compare free quotes today.
quote (But the whole life plan also accumulates a cash value, which the policy holder or the beneficiary can receive at the expiration of the policy. )
If I bought a whole life policy ,how would I collect a cash value at the expiration of that policy?Would not I be dead? Would it not expire only if I were dead? I thought you said a term policy was for a term of time but whole life is for ,whole life). I'm confused here.
Sorry to create the confusion. Well, lemme try to clear it off. For the whole life plan the insurer put a portion of the premium paid in the market. The insurer shares the return earned on this investment with the policy holder, this is the ‘cash value'. It keeps on accumulating as long as you run the policy.
I was right, when I said that the whole life plan covers you through out your life. And the policy need to paid off it order to collect the accumulated amount on the policy, though it may depend upon your policy clauses. However, the whole life plans allow the policy holder to borrow against the ‘cash value'. The death would be paid off to the beneficiary upon the death of the policy holder, along with the accumulated amount. But you can any point of time make the policy a ‘paid off' one and collect the benefits yourself.
Some plans also allow the policy holder to stop paying premium at any time during the tenure. And the policy will stay in effect as long as the accumulated amount will work as a source of fund for the policy.
Quote:
Straight life?Whole life term life?How many types of life insurance are there? No wonder i a confused.
Term life, whole life and universal life are only the broader categories of life plans. I bet you will encounter with more forms if you research little more. Someone has mentioned it quite correctly….there is a wide verity of life policies available in the market now. You need to understand your specific needs and shop accordingly.
Please let me know if can be of any further assistance.
The nice thing about here is that everyone is entitled to their oppinion, LOL
You are absolutely right and that's the purpose of the forums. Forums allow everyone to vent their heart. No matter whether you are an expert or a learner.......you should come up with your opinion. We always welcome healthy interactions between the members.
Hope you all keep enjoying your participations in this community.
Thats terrible. I guess if I get life insurance I will get it from some place I already know or have insurance through. This has made me insurance shy...lol What if I was 50 and got a term policy for 30 years.Would I be sure or most likly to die in that time frame. Then it would pay, right? I would have gotten it at the price of term instead of whole life ,right?
hummingbird, You are absolutely correct. If you are 50 and qualify for a traditional term plan (without any return of premium options) you MUST die within that time frame for anyone to benefit from it. So whatever you do, don't live to be 81.
According to some, the "perfect" plan would be to NOT spend $100 per month on a $100,000 policy that would last you until you died (whenever that might be) so that you could spend $50 per month on a 20-year term plan and put the other $50 per month into some sort of an investment vehicle.
20 years later, you've invested $12,000 and earned around $8000 in interest. At that point, the IRS's rule for minimum distribution kicks in and you'll need to start withdrawing money from your investment.
Sounds great because you can use the whole $20,000 (minus any applicable taxes) to supplement your retirement.
On the other hand, there are those who missed out on Suze Orman's Global (one size fit's all) Life Insurance Manifesto. These poor chaps decided on their own to pay $100 per month for a permanent life insurance policy that would be "paid-up" (requiring no further payments) in let's say 30 years, and THEN using any cash accumulations OR leaving the entire $100,000 to their beneficiaries.
"My God," A.L. Williams would say, "why in the world would anyone want to do something as stupid as that?" Even "The Coach" was entitled to his opinion. _________________ 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.
Thanks all.I feel like I opened a can of worms with this question.I doubt I will live to be 106.If I do I probly won't like it cause by then I won't be able to move my bones...lol I may just go with the 30 year plan and die before I'm 80.That sounds like a plan to me. I'll never be rich anyway.
and that's the purpose of the forums. Forums allow everyone to vent their heart. No matter whether you are an expert or a learner.......you should come up with your opinion. We always welcome healthy interactions between the members.
