Some unaddressed issues with this advice: 1. 50% chance of ending up in a nursing home, average stay is 2.5 years 2. Estate taxes? I strongly believe insurance and investments should not co-mingle, but it appears Suze's plan will mostly finance state's Medicaid programs. The state will take your IRAs for payment, but not perm life insurance with only a death benefit? Again Vanguard has came out with even stronger evidence of retirees not spending their IRAs-something like 80%. Under her plan half of you will pass it on to your heirs, the other half worked and saved to donate to states medicaid programs. Most on here won't have this issue, but if your estate is large (approaching 10 million ) or face individual state's estate taxes, and you don't have an ILIT using universal life, you are brain dead already. There are real applications for certain permanent insurance and I hope you don't let broad advice for a broad audience mislead you.
If you have term (which you should) you then set up a Roth IRA/Mutual Fund along side of it. Buy term and invest the difference in yourself and your savings. If you were to pass your family doesn't keep whatever cash value that is accumulated. With a roth they will.
Is Bank Owned Life Insurance permanent or term? Please let me know. thank u
What do you think about Bank Owned Life Insurance?
but doesn't term go up after the term?
Very interesting viewpoints.
She clearly doesn't understand how variable insurance policy works. If this lady has $600 going into a variable life insurance policy, a good portion of that money is earning interest. She says she doesn't feel good about the policy. I bet if she found out the cash value, she would feel differently.
I see lots of insurance salesmens opinions here ….what they don't tell you is you only get one or the other. If you die and have cash value you only get the death benefit. If you withdraw your money 100% from CV portion you lose your insurance protection. Investments in one account…term insurance another….always separate. ALWAYS
Susie Orman has PERMANANT LIFE INSURANCE yet she tells others to get term. Hypocrisy…
Learn more about how term life insurance works and why it costs less than permanent life insurance protection – http://www.term-life-online.com
I think level term insurance is the way to go 100%. I have done so much research in the past month. There are a few companies that "shop" the market in order to find you cheapest level term policy. I went with 1st Option Insurance because they shop more companies than the rest.
Thanks Bill
Ummm term insurance is temporary insurance. Why would you have temporary insurance on your life. I have a universal life policy and I'm getting more then 14 percent instead of the 1.5 percent the banks give me. Iv been keeping up with it and I see its growing substantial rate. That's ladies advisor is a joke clearly. My UL policy Iv been putting 100 dollers and month and that's it. Term insurance, you bye it but because its temporary you renew it and it becomes damn expensive. Term is good for temporary subjects and that's it lady.
She is so full of it…a participating Whole Life policy from most in insurance cos in Canada would have done 2 points better than the stock market over the last 30 years, be vested, be available to the client via policy loan and be tax deferred. She suffers from shortsightedness and is obviously backed by Investment Houses who sell equity based investments. She totally ignores the reality of wealth transfer and estate planning and the advantages that permanent insurance provides. And don't get me started on the value of whole life or universal life for corporate purposes. What a ditz!
This is an extremely uneducated, un-researched and blatantly biased, dangerous OPINION – it borders on reckless advice! While the financial advisor referred to in this clip may well be doing a disservice to this client by selling her an inappropriate policy for her needs (and clearly has done a poor job explaining WHAT and WHY he has placed her in it), that doesn't mean it blankets all policies. LIfe insurance serves more than ONE need Ms Orman and until you take the time to educate yourself properly before espousing YOUR OPINION, you are giving equally misguided advice as the advisor that sold this family in the first place!!
This is an extremely uneducated viewpoint in the world of financial services. Term doesn't build cash value and is usually only a good choice for temporary or supplemental needs. Call me to get a free consultation, we will find ways to grow, protect, and properly distribute your assets to make them last throughout your retirement,
Thank you,
John Stephens NY Life SF, CA (925)890-0840
Very interesting.
That's bullshit, she is right and wrong.. Get a qualify insurance agent
Variable life insurance is a joke. Use term. I pay $15 a month for my policy from LifeAnt. The equivalent whole life policy is about $300 a month. What a waste! How is it even legal to sell that stuff?
Senior life insurance
Term is the best product for every client I have worked with in my 13 year career. Investing that difference in premium makes them more money than any life insurance policy ever could. You just need to make sure your term and premium are level for the entire length. Do that and Invest that difference and you won't need to renew it 20-30 years later. anyone who says anything otherwise is an angry life insurance salesman who has painted himself into a corner selling cash value.
Some unaddressed issues with this advice:
1. 50% chance of ending up in a nursing home, average stay is 2.5 years
2. Estate taxes?
I strongly believe insurance and investments should not co-mingle, but it appears Suze's plan will mostly finance state's Medicaid programs. The state will take your IRAs for payment, but not perm life insurance with only a death benefit? Again Vanguard has came out with even stronger evidence of retirees not spending their IRAs-something like 80%. Under her plan half of you will pass it on to your heirs, the other half worked and saved to donate to states medicaid programs.
Most on here won't have this issue, but if your estate is large (approaching 10 million ) or face individual state's estate taxes, and you don't have an ILIT using universal life, you are brain dead already.
There are real applications for certain permanent insurance and I hope you don't let broad advice for a broad audience mislead you.
If you have term (which you should) you then set up a Roth IRA/Mutual Fund along side of it. Buy term and invest the difference in yourself and your savings. If you were to pass your family doesn't keep whatever cash value that is accumulated. With a roth they will.
Is Bank Owned Life Insurance permanent or term? Please let me know. thank u
What do you think about Bank Owned Life Insurance?
but doesn't term go up after the term?
Very interesting viewpoints.
She clearly doesn't understand how variable insurance policy works. If this lady has $600 going into a variable life insurance policy, a good portion of that money is earning interest. She says she doesn't feel good about the policy. I bet if she found out the cash value, she would feel differently.
I see lots of insurance salesmens opinions here ….what they don't tell you is you only get one or the other. If you die and have cash value you only get the death benefit. If you withdraw your money 100% from CV portion you lose your insurance protection. Investments in one account…term insurance another….always separate. ALWAYS
Susie Orman has PERMANANT LIFE INSURANCE yet she tells others to get term. Hypocrisy…
Learn more about how term life insurance works and why it costs less than permanent life insurance protection – http://www.term-life-online.com
I think level term insurance is the way to go 100%. I have done so much research in the past month. There are a few companies that "shop" the market in order to find you cheapest level term policy. I went with 1st Option Insurance because they shop more companies than the rest.
Thanks
Bill
Ummm term insurance is temporary insurance. Why would you have temporary insurance on your life. I have a universal life policy and I'm getting more then 14 percent instead of the 1.5 percent the banks give me. Iv been keeping up with it and I see its growing substantial rate. That's ladies advisor is a joke clearly. My UL policy Iv been putting 100 dollers and month and that's it. Term insurance, you bye it but because its temporary you renew it and it becomes damn expensive. Term is good for temporary subjects and that's it lady.
She is so full of it…a participating Whole Life policy from most in insurance cos in Canada would have done 2 points better than the stock market over the last 30 years, be vested, be available to the client via policy loan and be tax deferred. She suffers from shortsightedness and is obviously backed by Investment Houses who sell equity based investments. She totally ignores the reality of wealth transfer and estate planning and the advantages that permanent insurance provides. And don't get me started on the value of whole life or universal life for corporate purposes. What a ditz!
This is an extremely uneducated, un-researched and blatantly biased, dangerous OPINION – it borders on reckless advice! While the financial advisor referred to in this clip may well be doing a disservice to this client by selling her an inappropriate policy for her needs (and clearly has done a poor job explaining WHAT and WHY he has placed her in it), that doesn't mean it blankets all policies. LIfe insurance serves more than ONE need Ms Orman and until you take the time to educate yourself properly before espousing YOUR OPINION, you are giving equally misguided advice as the advisor that sold this family in the first place!!
This is an extremely uneducated viewpoint in the world of financial services. Term doesn't build cash value and is usually only a good choice for temporary or supplemental needs. Call me to get a free consultation, we will find ways to grow, protect, and properly distribute your assets to make them last throughout your retirement,
Thank you,
John Stephens
NY Life
SF, CA
(925)890-0840
Very interesting.
That's bullshit, she is right and wrong.. Get a qualify insurance agent
Variable life insurance is a joke. Use term. I pay $15 a month for my policy from LifeAnt. The equivalent whole life policy is about $300 a month. What a waste! How is it even legal to sell that stuff?
Senior life insurance
Term is the best product for every client I have worked with in my 13 year career. Investing that difference in premium makes them more money than any life insurance policy ever could. You just need to make sure your term and premium are level for the entire length. Do that and Invest that difference and you won't need to renew it 20-30 years later. anyone who says anything otherwise is an angry life insurance salesman who has painted himself into a corner selling cash value.