Ok, where does Suze Orman get off? (Well, I mean the train apparently left the station) A caller from CA calls in, her dad has whole life insurance, he purchased $100K DB at age 50, he pays $300 per month. He is now 75. His daughter stated he had $25K and the -wait Suzy says, "Let me guess, now this (and in a snide voice) this Agent wants him to put it in an annuity, right?' Then proceeds to talk about how he should have purchased term insurance at 50, and could have gotten the same face amount for 1/10th....(mmm, I'm thinking not). He has missed out on (by her calculations) $17K in a saving account if he'd gotten 5% over that time; Her suggestion, get out of the policy and put 25K in a CD....I'm thinking, yeah but if he dies, there is the inheritance tax etc. etc. heirs lose 1/3. I think Mark had talked about a single premium life insurance policy....
Suze makes me throw up a little in my mouth when I watch her.
Ok, where does Suze Orman get off? (Well, I mean the train apparently left the station) A caller from CA calls in, her dad has whole life insurance, he purchased $100K DB at age 50, he pays $300 per month. He is now 75. His daughter stated he had $25K and the -wait Suzy says, "Let me guess, now this (and in a snide voice) this Agent wants him to put it in an annuity, right?' Then proceeds to talk about how he should have purchased term insurance at 50, and could have gotten the same face amount for 1/10th....(mmm, I'm thinking not). He has missed out on (by her calculations) $17K in a saving account if he'd gotten 5% over that time; Her suggestion, get out of the policy and put 25K in a CD....I'm thinking, yeah but if he dies, there is the inheritance tax etc. etc. heirs lose 1/3. I think Mark had talked about a single premium life insurance policy....
Suze makes me throw up a little in my mouth when I watch her.
She is a television celebrity who knows very little about insurance. If the guy's dad follows that advise she should be sued.
Ok, where does Suze Orman get off? (Well, I mean the train apparently left the station) A caller from CA calls in, her dad has whole life insurance, he purchased $100K DB at age 50, he pays $300 per month. He is now 75. His daughter stated he had $25K and the -wait Suzy says, "Let me guess, now this (and in a snide voice) this Agent wants him to put it in an annuity, right?' Then proceeds to talk about how he should have purchased term insurance at 50, and could have gotten the same face amount for 1/10th....(mmm, I'm thinking not). He has missed out on (by her calculations) $17K in a saving account if he'd gotten 5% over that time; Her suggestion, get out of the policy and put 25K in a CD....I'm thinking, yeah but if he dies, there is the inheritance tax etc. etc. heirs lose 1/3. I think Mark had talked about a single premium life insurance policy....
Suze makes me throw up a little in my mouth when I watch her.
Clint,
What inheritance tax does this guy have to pay. it sounds like he has no money.
Also, even if he does have to pay an inheritance tax, how would having an annuity avoid the inheritance tax?
The closest I've found is in whole life @ guaranteed 4% by contract - not including dividends?
The caller is the daughter of the Dad. Didn't the caller mention that Suze is saying to take away $75k of her own inheritance on the policy?
I also agree that there would be no inheritance tax as this sounds like someone who would be pretty much broke.
Suze is very good at self-promotion of her books and "trust" kits, FICO kits, etc. Who funds her show? Who benefits from her "unbiased" advice? Who is trying to separate a client from a trusted advisor or insurance agent? Who is trying to paint us all with a brush that we're all criminals? (I mean, besides FINRA.)
Anybody who wants to listen to Dave Ramsey or Suze Orman to be their advisor has just disqualified themselves from my services. Period. End of story. NEXT!
She should be sued!! That would shut her up. Like it did Charles Givens
I believe what shut Charles Givens up was prostate cancer; he died in 1998.
Charles was sued as a result of selling educational material with deceptive refund policies. Almost impossible to get a refund, and several Attys Gen'l took him to task over the practice. Comparing these two is like an apple and an orange.
As for Suze O, what would one sue her for...? I believe that the disclaimers before, during and after the show are sufficient to cover her from any liability of recommendations. Sounds casual to mention that she should be sued, but that isn't liklely to happen, and if it did the Plaintiff would be laughed out of court; (even if she does give BAD advice).
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
I sometimes use Suze in seminars and even wave one of her books around.
The nice thing about her is that she has so much conflicting and often inaccurate stuff, that you can actually find a good quote most of the time that fits exactly the point you want to get across to an audience. Most people love her. For example, if I want to attack variables:
"Q. My adviser told me I should get a variable annuity for my IRA. What should I do?"
I sometimes use Suze in seminars and even wave one of her books around.
The nice thing about her is that she has so much conflicting and often inaccurate stuff, that you can actually find a good quote most of the time that fits exactly the point you want to get across to an audience. Most people love her. For example, if I want to attack variables:
"Q. My adviser told me I should get a variable annuity for my IRA. What should I do?"
"A. Get yourself another adviser, pronto!"
u r a wise man.
Last edited by GonnaFlyNow : 08-31-2009 at 11:19 PM.
Reason: Posts merged
Yes, she really has it in for whole life insurance. I'm not sure that she understands that these policies are quite efficient at transferring wealth and avoiding both state and federal inheritance taxes. She just does not quite get it. I wonder if she is even insurance licensed and able to give out all of this "advice."
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A.M. Hyers
Hyers and Associates, Inc.
Yes, she really has it in for whole life insurance. I'm not sure that she understands that these policies are quite efficient at transferring wealth and avoiding both state and federal inheritance taxes. She just does not quite get it. I wonder if she is even insurance licensed and able to give out all of this "advice."
Suze and Dave Ramsey BOTH feel as if EVERYTHING they say is correct and if you have a different opinion then they do then they see you as just plain IGNORANT!
Most of what suze and dave say is correct.
You don't get it because you see your products through the eyes of a salesperson. they c the big picture. you dont'
most of what suze and dave say is correct.
You don't get it because you see your products through the eyes of a salesperson. they c the big picture. you dont'
While most is correct not all is correct. Sure the majority of people they help but some they actually hurt.
The big picture for me is Dave's 16 million dollar house in Tennessee. Dave didn't build that house by savings he built it on the back of all of his followers. That is the way I look at it.
If a man is 50 years old and follows the strategy of buying term and investing the difference will he have enough time and will the market cooperate to the point that this will work out for him. Those are the big ifs they do not address.
If a man dies at age 60 with no insurance he will leave his widow savings of only a few thousand and then what will she do. Live on social security and work at Walmart? The reason he won't have any term coverage is it gets too expensive as he gets older. Currently the average balance of 401k's in the US is $32,000.
Suze Orman
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