Suze Orman

[xrac]

I agree , too in the right circumstances and as long as people are educated by me as to realities of it. That it is a temporary fix not something to count on. Isn't Suze's main argument , buy term and invest or save money in addition? IE , buy cheap term and save money from getting more expensive whole life.
The whole problem that I see is we Americans do not save money , so who is she trying to kid here? People need to wake up and actually think and really plan for the future. Instead of putting bandaids on it and deluding thierselves. I just had a brilliant client pull the Suze Orman term on me yesterday. She also insists she can get a term with no underwriting.

What is brillant about that?

 

[nfsmarketing]

No underwriting or no medical exam?

People get really confused about non-medical underwriting and think it means NO underwriting. Their misconception can result in a rate up or decline because they think their history won't be revealed.

I agree with some of what Paige said, too, in the sense that the problem with BTID is the lack of discipline to actually save the difference and put it to good use.

 

[SWM]

Unfortunately, so many people use Ramsey and Orman as an excuse not to do the right thing when it comes to buying proper insurance coverage. It seems the more popular they have become, the more horror stories I see with elderly who attended Financial Peace University. Many are outliving their small term policies. Many invest in Growth mutual funds with no suitability considerations. My own father-in-law has drank the Jones Kool Aid. He has a couple more years remaining on a very small term policy, then I am sure I will have to pay to bury him. Budget advice is one thing and admirable. Blanket investment and life insurance recommendations over the radio should be outlawed.

 

[Mattschmidt]

Well said SWM. Your statement summed it up perfectly.

I feel the same way.

 

[Cash]

I don't know much about Suze but when it comes to Dave this is how I see it.

You can't sell whole life/UL over the radio like you can with term a la Zander. He is just trying to make a buck off of the mostly broke people that listen to him so he plays the good guy trying to save you money from all those evil life agents who are trying to make a big commission selling evil whole life.

Invest the rest? Well he also has a network of people that sell "good growth mutual funds" who will magically make you 12% a year. yeah right. We all know that most people never win the stock market game.

Best thing to do? Like others have said, sell 30 year term and move on. There is nothing wrong with term insurance and being in my 20's I sell it a lot. In this regard, Dave actually makes my job easier.

 

[WinoBlues]

I don't know much about Suze but when it comes to Dave this is how I see it.

You can't sell whole life/UL over the radio like you can with term a la Zander. He is just trying to make a buck off of the mostly broke people that listen to him so he plays the good guy trying to save you money from all those evil life agents who are trying to make a big commission selling evil whole life.

Invest the rest? Well he also has a network of people that sell "good growth mutual funds" who will magically make you 12% a year. yeah right. We all know that most people never win the stock market game.

Best thing to do? Like others have said, sell 30 year term and move on. There is nothing wrong with term insurance and being in my 20's I sell it a lot. In this regard, Dave actually makes my job easier.

From an insurance agent's standpoint you would be better off selling larger 10 and 20 year term. Preferably convertible. And definitely not move on.

Just my two cents.

 

[Cash]

From an insurance agent's standpoint you would be better off selling larger 10 and 20 year term. Preferably convertible. And definitely not move on.

Just my two cents.

Sell them another policy in 10 or 20 years?
Or when would be a good time to convert to whole?

 

[Norwayguy]

Sell them another policy in 10 or 20 years?
Or when would be a good time to convert to whole?

Every year a chunck at a time.

 

[WinoBlues]

Sell them another policy in 10 or 20 years?
Or when would be a good time to convert to whole?

in 5-10 years and 15-20 years

I have converted some as early as 6 months down the road. Does not have to be all at once. Got to watch the banding though.

 

[FunJames]

Regrettably, Ms. Orman is one of too many financial celebrity types who know just enough to be dangerous. If they would just learn that one size does NOT fit all the world would be a better place.