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 Posted: Sun Apr 12, 2009 4:00 am Post subject: |
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Louise, good call. In the future, we'll all know that [according to State Insurance Code] the terms "Job, Fiduciary Duty, and Responsibilty" can all be used correctly in this case.
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InsInvestigator
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| Posted: Sun Apr 12, 2009 3:35 pm Post subject: |
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I bet that most people here have no clue what fiduciary responsibility is. Unfortunately, it seemingly isn't a subject of importance when studying to obtain a state license to sell just health/life.
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Louise Jackson-Marquez
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jacksonfinancial
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| Posted: Tue Apr 14, 2009 12:11 pm Post subject: |
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Hi,
| Quote: | | I't is the only life coverage that I have never gotten bitter complaints about. |
There shouldn't be any reason to complain if the premiums are to remain uniform with a WL and the funeral charges are to be taken care of later.
So, it seems we'd just need to check whether by opting for a term life the difference is gonna get us fair worth of return apart from covering the funeral charges. If the returns are in excess, then we should pick a term life, otherwise we should stick to the WL policies. Is it really like that!!
Steven |
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steven
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| Posted: Tue Apr 14, 2009 2:18 pm Post subject: |
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| The best type of life insurance is that which is in place at death. Most people need term life insurance. Many should also own whole life insurance. Some should own universal life insurance. Some should own none. |
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InsuranceExpert
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| Posted: Wed Apr 15, 2009 11:11 am Post subject: |
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Hi Expert,
| Quote: | | Some should own none. |
Who're they?? I guess you just got carried away in a bid to explain how policies should be owned as per one's specific requirements.
| Quote: | | The best type of life insurance is that which is in place at death. |
Again, you haven't explained the cause over here. Are you following the same view as that of quenlin!
Steven |
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steven
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| Posted: Wed Apr 15, 2009 11:34 am Post subject: insurance |
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| Quote: | I bet that most people here have no clue what fiduciary responsibility is. Unfortunately, it seemingly isn't a subject of importance when studying to obtain a state license to sell just health/life.
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Something else I've never heard of. Fiduciary?? Can someone please explain? I've heard different opionins about Term Life and Whole Life..........negative and postive comments. Trying to make a decision, on which one is best for me, is confusing. |
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sdchargersfan
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| Posted: Wed Apr 15, 2009 3:31 pm Post subject: |
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Hey SD, how ya been? Here's something just for you:
A fiduciary duty is an obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust's beneficiaries, and an attorney has a fiduciary duty to a client.
A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on the fiduciary to exercise his discretion or expertise in acting for the client. The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client's behalf.
When one person does agree to act for another in a fiduciary relationship, the law forbids the fiduciary from acting in any manner adverse or contrary to the interests of the client, or from acting for his own benefit in relation to the subject matter. The client is entitled to the best efforts of the fiduciary on his behalf and the fiduciary must exercise all of the skill, care and diligence at his disposal when acting on behalf of the client. A person acting in a fiduciary capacity is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.
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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. |
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InsInvestigator
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| Posted: Wed Apr 15, 2009 5:27 pm Post subject: |
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Steven, the person who should own no life insurance is the person who doesn't care what happens when they die.
As for the type of insurance, if you die, your spouse isn't going to ask about the type of life insurance that you have. She'll only only care about the amount. |
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InsuranceExpert
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| Posted: Thu Apr 16, 2009 6:15 am Post subject: |
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| Quote: | | As for the type of insurance, if you die, your spouse isn't going to ask about the type of life insurance that you have. She'll only only care about the amount. |
Hey according to you , what it matters is whether or not the beneficiary is going to receive the death benefit after the death of the policy holder. Then, if I've understood you correctly, the debate about the suitable type of coverage is a futile one. Am I right?
Then, why do you think the industry has developed the wide range of insurance policies for the consumers? |
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simon
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| Posted: Thu Apr 16, 2009 9:28 am Post subject: |
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| I am not saying that the type of coverage is futile. I'm saying that it is a secondary issue. |
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InsuranceExpert
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| Posted: Thu Apr 16, 2009 9:37 am Post subject: insurance |
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| Quote: | | Hey SD, how ya been? |
Hello! Been busy, as usual!!  Alot of this CAN get confusing: ..thanks for the 'clarification.' THIS is why I tell others if they have a Beneficiary on their Life policies, to make sure it's someone they REALLY trust. Some people I've talked to automatically think the Beneficiary HAS to be their spouses'.........nope, it doesn't. |
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sdchargersfan
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| Posted: Thu Apr 16, 2009 12:42 pm Post subject: |
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sdchargersfan, a beneficiary designation has very little to do with trust. A beneficiary is all about who you want to have the money.
Ex. Judy is divorced. She wants to leave money to her minor son, Junior. She doesn't trust him. Therefore, she leaves the money to her friend Suzy. She tells Suzy that she would like Judy to use the money to help Junior.
There are some major problems with this.
The problems all stem from one issue. The money, at Judy's death, will belong to Suzy and not Junior.
1) Suzy can legally ignore Suzy's wishes and do what she wishes. However, let's assume that Suzy has no intention of doing this...
2) Because of gifting issues, if Suzy gives Junior more than $13,000 a year, it will eat into her lifetime gifting exclusion.
3) Possessing that money will cause Suzy to have to pay taxes on the gains.
4) Possessing the money can cause financial aid implications for her children.
5) Possessing the money makes it available if someone ever sues Suzy.
6) If Suzy dies, it will become part of Suzy's estate. If Junior's not in the will, he won't get anything.
7) If Suzy gets divorced, her husband may get half of it or maybe Suzy will get less from her husband.
 Lots of other reasons. I see no positives in naming a beneficiary based upon trust instead of who you want to have the money.
In my above example, the better way to go is to have the money going into a trust for the benefit of Junior with Suzy as the trustee. In this manor, all of the disadvantages are gone, and Suzy must legally use the money to benefit Junior. |
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InsuranceExpert
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| Posted: Thu Apr 16, 2009 2:32 pm Post subject: |
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Ins Expert: Good call. You are right on the mark with that one.
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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. |
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| Posted: Thu Apr 16, 2009 6:04 pm Post subject: |
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| Quote: | Ins Expert: Good call. You are right on the mark with that one.
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x2 |
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dgoldenz
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| Posted: Fri Apr 17, 2009 6:55 am Post subject: insurance |
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| I ALSO would like to get a 'Civilian' Will/Life Insurance policy ( I know I 'off' the subject a bit by the 'Will' thing..). I've heard you can actually do a Will yourself, VIA the Internet..I just don't know where to look. Can anyone advise me of this? Thanks. |
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sdchargersfan
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