you are a scammer if you sell UL and WL

[bluemarlin08]

I think 2001 taxation for long term cap gains was 20%.

 

[James]

I think 2001 taxation for long term cap gains was 20%.

The revised tax treatment applies to income received in 2003 and thereafter, and to capital gains realized on sales or exchanges after May 5, 2003. Unless legislation to extend the new tax provisions is enacted, the taxation of dividend income and long-term capital gains will revert in 2009 to the previous treatment and ordinary income tax rates will revert to the pre-2001 rates (maximum of 39.6 percent) in 2011.

I googled, hope my preacher don't find out! Yes, capital gains tax would revert back to 20%. This is an all do common from various of resources. One reason I like to keep things simple, such as comparing WL to normal tax investments, we all know things change, rarely does the individual get the better of the deal when it comes to government and taxation! Oh well, as stated earlier we don't know how any tax issue is going to look like in 4 year much or less 40 years! Yet I'm confident that life insurance as in WL will keep its tax favored status or at least the buyers now will be granddaddy in on the contracts they sign today.

 

[James]

The idiocy of our economist theories and strategies go back some time, here is a poem written back in '34 by Patrick Barrington;

I Want to be a Consumer

"And what do you mean to be?"
The kind old Bishop said
As he took the boy on his ample knee
And patted his curly head.
"We should all of us choose a calling
To help Society's plan;
Then what to you mean to be, my boy,
When you grow to be a man?"

"I want to be a Consumer,"
The bright-haired lad replied
As he gazed into the Bishop's face
In innocence open-eyed.
"I've never had aims of a selfish sort,
For that, as I know, is wrong.
I want to be a Consumer, Sir,
And help the world along."

"I want to be a Consumer
And work both night and day,
For that is the thing that's needed most,
I've heard Economists say,
I won't just be a Producer,
Like Bobby and James and John;
I want to be a Consumer, Sir,
And help the nation on."

"But what do you want to be?"
The Bishop said again,
"For we all of us have to work," said he,
"As must, I think, be plain.
Are you thinking of studying medicine
Or taking a Bar exam?"
"Why, no!" the bright-haired lad replied
As he helped himself to jam.

"I want to be a Consumer
And live in a useful way;
For that is the thing that is needed most,
I've heard Economists say.
There are too many people working
And too many things are made.
I want to be a Consumer, Sir,
And help to further trade."

"I want to be a Consumer
And do my duty well;
For that is the thing that is needed most,
I've heard Economists tell.
I've made up my mind," the lad was heard,
As he lit a cigar, to say;
"I want to be a Consumer, Sir,
And I want to begin today."

Now I await my tax relief check so I can do my duty!

 

[TimLett]

Could it be that Dave has an interest in seeing that his beloved Zander Insurance advertiser does well??? Come on!!! That company is keeping him on the air.

 

[Texas Broker]

I wonder if Mr. Ramsey has an ownership stake in Zander Insurance.

 

[J.R.]

I wonder if Mr. Ramsey has an ownership stake in Zander Insurance.

If he didn't it would be a stupid business decision.

 

[atara]

Although I am a relative newcomer to buying insurance and the Dave and Suze parades, it did not take me long to figure out that only buying term is dumb.


My Aunt and Uncle have term insurance that expires when they are 72 and they are freaking out.


I did the math and I figured a better investment is to buy WL (on my current limited budget) in which I can a) use my divedend option to add to my death benefit and b) use the cash value to pay the premiums should we ever be in a bind years down the road. Term doesn't offer me this! However, term does allow me to get maximum coverage on a limited budget. Therefore, we went with a term for the bulk and small WL. It was a nice compromise that fit our budget. We are hoping to convert, because of guaranteed insurability, in a few years.

There is NO WAY I would only buy term and leave myself sinking at 65! UGH!

Classic case of millionares assuming everyone will be millionares. And even if I *were* a millionare, why would I want to self-insure? I can think of better uses for my money!

 

[HomeService]

The real scammers are those who sell life insurance to protect a mortgage, then hide behind the name "mortgage protection", and then fail to tell the client that they are buying life insurance. The client may also be slightly confused as to whom the agent actually is working for, thinking that maybe they are employed by the mortgage company, and the agent knowingly lets this happen. This is scamming.

 

[bluemarlin08]

The real scammers are those who sell life insurance to protect a mortgage, then hide behind the name "mortgage protection",and then fail to tell the client that they are buying life insurance.

So would you suggest that agents that sell "income protection", or "estate tax protection" are scammers?

So you think folks that buy regular term insurance to protect their mortgages are being ripped off because the agent sells them a quality level term product?

Where is the problem?

 

[xrac]

I believe in WL and have no apologies about it. I have $1,000,000 on myself and $300,000 on my wife. That was all they would give me on her. Said that was all she was worth! I went coverage when I die. If you want coverage all of your life and depend on term you will get burned big time. I think Dave Ramsey is often getting away with giving very bad advice in some situations but he is the GURU. He is getting rich in the process.