Quote:
Originally Posted by sugarwood
How does this stuff work?
She is paying $250/year for a $10k benefit?
She has spent $13k already for a $10k benefit?
I don't think she's poor because of debit cards.
She's poor because of con artist insurance agents.
Cash value insurance policies are a complete scam.
Most competent planners only suggest term life.
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Term is the worst thing you can do when you're over 50 and on a fixed income. If your income never goes up, but your term insurance cost does every five yrs, you will eventually not be able to afford it and quit it. Then, if you want to start a new whole life policy, you'll be that much older and thus it will be more expensive.
I'm not responsible for what some insurance company sold this woman's mother
six years before I was born. It might help if these folks read their paperwork, calculated their break-even point, cashed out at the right time and either invested that cash or started over. By the time I get involved, I'm usually trying to stop the bleeding. And if these folks want life insurance, can afford it and I can beat what they already have, why would I try to talk them out of it? So they can buy it from someone else, usually for more $$?