Speaking ill of Life Insurance

[jmk2k]

Hmmm.... From what it sounds like the CFP thing really isn't a problem. I must just have bad luck with the ones I've run in to or simply the clients of CFPs misunderstood the advice they where given when they repeated it to me.

Oh sorry if I offended WBunch, none intended. You are not "one of the CFPs I speak of." I understand CV life insurance has a limited benefit to those in the lower tax brackets and recommend accordingly. I do not think I would encounter the problem I was talking about with you or any of your clients. I am not blasting financial advisers as a group simply the ones who speak ill of life insurance which are apparently a minority.

 

[bobson]

Believe it or not, the CFP course doesn't really cover concepts like infinite banking, missed fortune, and the like


Do you really think they should? Maybe they feel, like many do, that those insurance concepts are more geared toward generating commissions than helping the client???

No they shouldn't teach the power of life insurance. Instead they should teach you how to dump as much money into mutual funds as possible. How to defer taxes so in 30 years when the government needs money to keep Social Security from tipping over your tax deferred accounts will be ripe for the picking. Instead of honestly helping the average Joe secure the future of his family you'll learn how to deepen the cofers at such firms as Fidelity, Franklin Templeton, and Capital Group Companies, whether or not your account grows or shrinks. Gotta love 401k's. We know one thing, every dollar you stick in there makes the wealth of Fidelity, Franklin Templeton and CGC grow that much more.

Don't worry about the next few years. Who cares what happens to the stock market when 76,000,000 start selling off? There will be more than enough money to keep that Dow Jones a climbing!!

Don't teach people how to invest in themselves, teach them how to put money in the stock market!! Yeah! Psst... Don't worry about etoys.com, Enron, Worldcom, Montana Power. That won't ever happen again!

 

[djs]

No they shouldn't teach the power of life insurance. Instead they should teach you how to dump as much money into mutual funds as possible. How to defer taxes so in 30 years when the government needs money to keep Social Security from tipping over your tax deferred accounts will be ripe for the picking. Instead of honestly helping the average Joe secure the future of his family you'll learn how to deepen the cofers at such firms as Fidelity, Franklin Templeton, and Capital Group Companies, whether or not your account grows or shrinks. Gotta love 401k's. We know one thing, every dollar you stick in there makes the wealth of Fidelity, Franklin Templeton and CGC grow that much more.

Don't worry about the next few years. Who cares what happens to the stock market when 76,000,000 start selling off? There will be more than enough money to keep that Dow Jones a climbing!!

Don't teach people how to invest in themselves, teach them how to put money in the stock market!! Yeah! Psst... Don't worry about etoys.com, Enron, Worldcom, Montana Power. That won't ever happen again!

Huh?

I'm getting the sense someone missed a class or 2. There are some leaps here that just don't add up, I think. I'm not sure what the point is.

 

[pebble head]

I think a lot of people talk bad about Whole Life and VUL and UL, not about term so much. Suze Orman and Dave Ramsey are 2 people that come to mind. They BASH WL, VUL and UL's to no end!

 

[bluemarlin08]

And investing in WL will solve all those problems, turbo charge your life and don't forget those "lost opportunities"!
Never, ever met one person that was using one these programs that sung their praises, but have met several that were very unhappy, suit the agent and one that stated they would shoot the guy if they ever saw him again.
Only positive comments I have ever seen came from those that promote the deals.
I wonder how many members of this forum incorporate these systems in their own financial planning?

 

[The Rabbi]

Huh?

I'm getting the sense someone missed a class or 2. There are some leaps here that just don't add up, I think. I'm not sure what the point is.

Sounds like someone venting.

Life insurance is the foundation of ANY financial plan. What kind of plan depends on the situation, and the situations change over the years.

Remember, most people are bad about saving money and find it easier to put it in a cv plan so that there will be some cash at the end for the family to grow on.

The only time an agent does wrong is when he puts his commission ahead of his clients safety.

 

[Mr. Bill]

And investing in WL will solve all those problems, turbo charge your life and don't forget those "lost opportunities"!
Never, ever met one person that was using one these programs that sung their praises, but have met several that were very unhappy, suit the agent and one that stated they would shoot the guy if they ever saw him again.
Only positive comments I have ever seen came from those that promote the deals.
I wonder how many members of this forum incorporate these systems in their own financial planning?

It's all about the cash flow, baby!

There are lots of problems with advisors who don't know what the heck they're doing with ANY plan. Great advisors do the research first, then implement. Bad advisors start calling their clients after being pitched by a wholesaler.

By the way, I got my Allianz call today on the Endurance 15. Fortunately it was only a message left (which I won't be returning). Makes me wonder how many agents got sucked into that one.

 

[faxoflife]

Life insurance is the foundation of ANY financial plan.

Would major medical health insurance be the bedrock of any financial plan?

 

[djs]

Would major medical health insurance be the bedrock of any financial plan?

No, no, no, no.
Bedrock is common sense. Any financial plan built on anything other than common sense is doomed to have it's foundation slip.

To me, insurance is the security fence, it helps keep the bad things out. Bad things in this sense is spelled A-T-T-O-R-N-E-Y-S, or in a lesser sense, bill collectors.

There are many parts to the fence:
- Medical
- Life
- Disability
- Casualty (home / auto)
- Long term care

Build your fence well. It protects your ass(ets).

Dan

 

[jmk2k]

And investing in WL will solve all those problems, turbo charge your life and don't forget those "lost opportunities"!

WL is great as part of a financial plan. I don't think any of the agents in this forum selling WL would recommend it as the entirety of a financial plan. It is the safe part of that plan and in that sense it outperforms many other safe investments.