Charlie Monger's 3 Rules for Career. What Insurance Products Do You Own?

[entrep1776]

Charlie Monger's 3 rules
https://www.cnbc.com/2017/08/16/warren-buffetts-partner-charlie-munger-has-3-rules-for-a-career.html

"Three rules for a career: 1) Don't sell anything you wouldn't buy yourself. 2) Don't work for anyone you don't respect and admire. 3) Work only with people you enjoy."

Right now insurance products I own are:
Home
Auto

Shopping for:
Annuity
Pet insurance (although leaning toward self insuring)
Dental (again leaning toward self insuring)

Curious which insurance products agents own?

 

[pfg1]

Certainly those 3 rules are great advice. I'm not sure its always possible to comply with all 3...at least not initially for many folks.

You don't own life ins?

 

[somarco]

I own

Life insurance
Health insurance
HO
Auto
Renters
Umbrella

 

[Matthew King]

I own:

Universal Life Policy
Whole Life Policy for the wife
Renters Insurance
Home Insurance - Rental Property in MO
Auto Insurance
Health Insurance
Dental Insurance
Vison Insurance

I'm not old enough to need Medicare yet.
I don't have an annuity yet. But I'm not looking atm.

 

[johndf]

Unfortunately, when it comes to point #2 & #3, it's easier said than done and money trumps all. There are a number of agencies in my area where the top agents are making so much money, they don't care about #2 & #3. They talk about their agency managers or owners behind their backs at events but at the end of the day, cash is king.

I also think you could add #4. Treat people you work with like you want to be treated (with respect and dignity).

Good Selling

 

[Tahoe Ray]

Term
Whole
Disability
Health
HO
Auto
Umbrella
E&O

 

[GreenSky]

Shopping for:
Annuity
Pet insurance (although leaning toward self insuring)
Dental (again leaning toward self insuring)

You shouldn't lean towards self insurance for pet insurance. I set up Petsurance, not to make money for myself but to help people. All three dogs on that site have unfortunately died, but the insurance I dad on the last one (Ernie) saved me $50-75,000. I'll be updating the information shortly. If your pets are family members you need insurance.

Dental is a ripoff. Self insuring is the best way I know. There are a number of plans for about $100/yr that simply allow you to access PPO pricing.

Other than that, I own:

Homeowner
Auto
Term Life
Critical Illness
High deductible medical insurance made extremely expensive thanks to the democraps.
Motorcycle Insurance
Airplane Insurance
Annuities

Next purchase likely to be SPLI with living benefits

Rick

 

[entrep1776]

Certainly those 3 rules are great advice. I'm not sure its always possible to comply with all 3...at least not initially for many folks.

You don't own life ins?

No to life insurance. I'm single & have enough cash to take care of all my FE. Although I probably should put together a will.

----------

Next purchase likely to be SPLI with living benefit

My one dog is 2 going on 3. Quote through your link is $42/month paying 90% & $500 deductible.

Other dog is 9. Quote is $42 /mo paying 60% & $750 deductible. Her parents lived to 18.

Thinking I'll insure my 2 yr old. Does click through get you a commission? I think pet insurance is P&C.

 

[GreenSky]

I make something like $5. I'm not doing this for the money. It's because I don't want dollars to decide if a dog lives or dies.

Your 9 year old needs pet insurance as much as a 60 year old person. If you can afford $25,000 for cancer treatment then you don't need insurance on either dog.

Rick

 

[entrep1776]

I make something like $5. I'm not doing this for the money. It's because I don't want dollars to decide if a dog lives or dies.

Your 9 year old needs pet insurance as much as a 60 year old person. If you can afford $25,000 for cancer treatment then you don't need insurance on either dog.

Rick

Why do you think dental is a rip off?

Was hoping you made a higher commission.

Would cateract surgery be covered?
.......

Anyone have advice, I'm shopping for an annuity:
http://www.insurance-forums.net/for...ant-10-000-annuity-pays-life-70-a-t89870.html