Quote:
Originally Posted by Rick Lee
Met a guy on Mon. who has a $2000 Colonial Penn policy he's paying $40/mo on. He's one year into his two yrs wait. I was able to get him $5k for $18 more, but he said he'll stick with what he has. I explained that, once that two yr wait is up, he has two more year before he will have paid into it as much as it will ever pay out. He'd be better off with a money market account. This is why he's poor.
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What the hell is a $2k life insurance policy? Covers cremation?
He's paying $500/year for a $2k life insurance policy ?
$5k for $60 is $700/year. Break even is 7 years.
So, if he dies before 7 years, it was worth it?