Suze Orman

[Franz Kafka]

LOL .. I don't know .. look at the countries where AXA, ING, ALLIANZ come from. Most of their population don't buy term and invest the difference. Look at the country with the biggest per capita life insurance production in the world. They haven't even heard of BTID. Look at the executives of Fortune 500 companies. They don't BTID. For that matter look at any successful small to mid size business owners. They don't BTID.

People who try to BTID

teachers (public school)
gov't bureaucrats
green fund owners with 4 masters degrees
engineers (ugh)
gamblers/traders

Just an honest personal observation.

 

[BOLIO]

I am familiar with some of the key players in this thread from other boards. Keep fighting the good fight.

If a person ONLY manages their own money and gives "Advice" to others, their "Advice" is limited to their own financial situation. Your plan is just that... "Your " plan. What value can an unlicensed individual offer.

My neighbor owns an A/C company. Does his investment "advice" have any merit. No! Because he is not held accountable to his "suggestion". A suggestion is different than advice.

A professional in the financial services industry has many "what ifs" to worry about. They are called clients. And with each client comes responsibility and LIABILITY. Protection, Promises and Guarantees are a good thing!. To think that permanent insurance is not a valuable asset to an overall portfolio, is silly. Not a product, but a part of a strategy.

The SO and DR followers receive excellent advice about lowering their debt. This is a wonderful thing. However, to speak about lost opportunities, and which No-load fund you could have invested in is worthless when your health does not allow you to purchase more insurance( or keep the death benefit you have now).

I tried to help an executive with an oil and gas company this week. He is 46, has a 250,000 mortgage on a home that is worth 385,000(very conservative for his income-Suzy would approve).
He was sold a 20 year term policy by an A.L. Williams follower(19 years ago). He was sold term as a commodity. He was sold term that could not be converted and was non-renewable. You know why? Because it was the cheapest.

He has 20 more years in the workforce and 5 kids under the age of 18! He wants more life insurance and would pay 10 times the amount he could have "invested" over the years(which he didn't) on insurance premiums today if he was insurable. You know why he did not invest the difference? Because A) 99% don't and B) the same person who sold him that line about BTID was not licensed to "SELL" him securities or real estate or anything else. Because he was a whole life replacing P.O.S. machine that made a fortune replacing policies.

That is the difference between "paper" and the 'What Ifs" of real life.

I have sold more term insurance than most BTIDers I have come across. But everyone of my clients understand that their policy is convertible WHEN their situation changes. They also understand there is a cost associated with this ability to convert. They understand the VALUE.

Do your clients a favor (If you have any) and at least sell a policy that can be converted. Your clients will thank you and your E&O provider will thank you(If you have one).

P.S. Love the board

 

[TMorgan]

hey i am a salesman ! would anyone here like to buy some Life Insurance from me?

 

[LGilmore]

"But, i do get it now."

No, not really, but by all means keep trying.

It's pretty damn funny reading. I never seen someone act in such a low manner in a futile effort to prove they're better than me. I'd feel complimented if your opinion mattered.

cheers.

 

[DHK]

I must be on Facebook too much because I keep looking for a "Like" button for posts in this thread.

(Could be an "unofficial" way to take a poll of the readership on the forum?)

 

[Clint]

well there is the thumbs up icon

 

[xrac]

I am familiar with some of the key players in this thread from other boards. Keep fighting the good fight.

If a person ONLY manages their own money and gives "Advice" to others, their "Advice" is limited to their own financial situation. Your plan is just that... "Your " plan. What value can an unlicensed individual offer.

My neighbor owns an A/C company. Does his investment "advice" have any merit. No! Because he is not held accountable to his "suggestion". A suggestion is different than advice.

A professional in the financial services industry has many "what ifs" to worry about. They are called clients. And with each client comes responsibility and LIABILITY. Protection, Promises and Guarantees are a good thing!. To think that permanent insurance is not a valuable asset to an overall portfolio, is silly. Not a product, but a part of a strategy.

The SO and DR followers receive excellent advice about lowering their debt. This is a wonderful thing. However, to speak about lost opportunities, and which No-load fund you could have invested in is worthless when your health does not allow you to purchase more insurance( or keep the death benefit you have now).

I tried to help an executive with an oil and gas company this week. He is 46, has a 250,000 mortgage on a home that is worth 385,000(very conservative for his income-Suzy would approve).
He was sold a 20 year term policy by an A.L. Williams follower(19 years ago). He was sold term as a commodity. He was sold term that could not be converted and was non-renewable. You know why? Because it was the cheapest.

He has 20 more years in the workforce and 5 kids under the age of 18! He wants more life insurance and would pay 10 times the amount he could have "invested" over the years(which he didn't) on insurance premiums today if he was insurable. You know why he did not invest the difference? Because A) 99% don't and B) the same person who sold him that line about BTID was not licensed to "SELL" him securities or real estate or anything else. Because he was a whole life replacing P.O.S. machine that made a fortune replacing policies.

That is the difference between "paper" and the 'What Ifs" of real life.

I have sold more term insurance than most BTIDers I have come across. But everyone of my clients understand that their policy is convertible WHEN their situation changes. They also understand there is a cost associated with this ability to convert. They understand the VALUE.

Do your clients a favor (If you have any) and at least sell a policy that can be converted. Your clients will thank you and your E&O provider will thank you(If you have one).

P.S. Love the board

Welcome, loved the first post. It makes good sense. Are you sure you belong on here?

 

[insuranceexec]

I am familiar with some of the key players in this thread from other boards. Keep fighting the good fight.

If a person ONLY manages their own money and gives "Advice" to others, their "Advice" is limited to their own financial situation. Your plan is just that... "Your " plan. What value can an unlicensed individual offer.

My neighbor owns an A/C company. Does his investment "advice" have any merit. No! Because he is not held accountable to his "suggestion". A suggestion is different than advice.

A professional in the financial services industry has many "what ifs" to worry about. They are called clients. And with each client comes responsibility and LIABILITY. Protection, Promises and Guarantees are a good thing!. To think that permanent insurance is not a valuable asset to an overall portfolio, is silly. Not a product, but a part of a strategy.

The SO and DR followers receive excellent advice about lowering their debt. This is a wonderful thing. However, to speak about lost opportunities, and which No-load fund you could have invested in is worthless when your health does not allow you to purchase more insurance( or keep the death benefit you have now).

I tried to help an executive with an oil and gas company this week. He is 46, has a 250,000 mortgage on a home that is worth 385,000(very conservative for his income-Suzy would approve).
He was sold a 20 year term policy by an A.L. Williams follower(19 years ago). He was sold term as a commodity. He was sold term that could not be converted and was non-renewable. You know why? Because it was the cheapest.

He has 20 more years in the workforce and 5 kids under the age of 18! He wants more life insurance and would pay 10 times the amount he could have "invested" over the years(which he didn't) on insurance premiums today if he was insurable. You know why he did not invest the difference? Because A) 99% don't and B) the same person who sold him that line about BTID was not licensed to "SELL" him securities or real estate or anything else. Because he was a whole life replacing P.O.S. machine that made a fortune replacing policies.

That is the difference between "paper" and the 'What Ifs" of real life.

I have sold more term insurance than most BTIDers I have come across. But everyone of my clients understand that their policy is convertible WHEN their situation changes. They also understand there is a cost associated with this ability to convert. They understand the VALUE.

Do your clients a favor (If you have any) and at least sell a policy that can be converted. Your clients will thank you and your E&O provider will thank you(If you have one).

P.S. Love the board

Very straight forward and to the point.

Are we related?...........LOL Great post!

 

[TEXAS PITBULL]

I agree.....

 

[Googly Moogly]

dhk,
how's that kool aid tasting.
you need to crunch those numbers again.


what's better $1.5 million in the bank without whole life ins. or 1.0 million in the bank with your wl insurance.

what the h*ll is a LEAP.

i think it takes big leap of faiith to believe the scenarios you're coming up with here.



never mind.
i googled leap.

A friend of mind is now a LEAP agent. LEAP stands for "Lifetime Economic Acceleration Process" (LEAP SYSTEMS INC). He tried to explain how it works, but it is still pretty unclear to me. The basic idea (I believe) is to use whole life insurance to 1) protect yourself; 2) save for the future; and 3) increase your cash flow (by paying as little as possible on your mortgage or borrowing equity from your home and from the cash life value of the insurance).

I'm sure this would work for some people (everything works for some people), but what concerns me is the almost "religious" faith he seems to have in this system. I'm also concerned that he may not understand that this system is not appropriate for many people. It encourages people to stop contributing to other forms of retirement savings, 401(k)s, IRA's, etc. so they can divert the $$ into the premiums for the expensive whole life insurance.

Taxes.......that is the difference and that is what LEAP avoids.