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A Primer on Life Insurance for Mothers

One of my client's wives paid me a visit earn from the cash value policy?"She
to ask about life insurance, a product I thought a bit before answering. "Well, he
was well acquainted with. She told me spent the whole evening going over a
that she and her husband were visited bunch of computer printouts that showed
last night by a life insurance agent. us how rich we'd be in fifty years when
"Jan, what did he try to sell you?""A we retire, and how much we could borrow
$90,000 whole life policy with an annual from the policy if we ever needed a
premium of $500. Is that okay?"Knowing loan.""But what did he say about your
that few people really understand life protection needs?""Come to think about
insurance, I asked her if she really it, hardly anything at all. After we told
understood what the agent was talking him that we could afford a $500 yearly
about."I thought I did last night," she premium, he looked in a book and said
replied, "but when I woke up this that he had found a great $90,000 whole
morning, I wasn't so sure. That's why I'm life policy that we could afford. But
here. You once told me to never buy life about protection, he really said very
insurance unless I talked to you about little." I could tell that she was
it. Well, I'm here. Could we chat about starting to bristle in anger, a sign that
it?"I was glad that Jan was here instead I was doing a good job.I then told Jan
of Mark. I have learned that it is much that people with children living at home
easier to talk to women about life should have, as a rule of thumb, about
insurance than men. Women seem to better eight to ten times their yearly gross
understand the financial consequences of income in life insurance protection. For
their spouses' death, especially if they Mark and Jan, that translated into at
are mothers. Most men, however, don't least $475,000. The agent who met with
want to face life insurance because they them should have figured that out and
think that they will never die. Women done his utmost to assure such adequate
know better.I was no stranger to the protection."You see Jan, that agent's
murky world of life insurance. Throughout sole emphasis should have been on your
my 20 years as a CPA, I'd often locked financial protection in case Mark dies
horns with insurance agents and financial tomorrow, not about making you a rich
planners who wanted to sell garbage life lady in 50 years. The agent's decision to
insurance products to my clients. In my sell you the anemic whole life policy
role as a CPA, I always believed that it would literally rob you and your kids of
was my job to act as a mother hen and $385,000 if Mark dies tomorrow.""But Mark
protect my clients from the wolves.I is not going to die tomorrow. Don't say
began by asking Jan a question that zooms that!""Jan, you don't know that. He could
to the heart of the matter. "Tell me Jan, die tomorrow or in a week from any one of
why are you buying life insurance? What a thousand and one different causes. And
do you hope to accomplish?"She answered, so could you or I. That's why you must be
"To protect me and the children in case fully protected right now. Life
Mark dies."That quickly established the insurance is a today need."I
fact that Jan knew about the key issue: continued..."Jan, remember when I told
that life insurance has but one purpose: you that there were two reasons to avoid
protection in case disaster strikes.Then cash value life insurance?""Yes.""You
I asked her another question. "Just told me Jan that the agent spent most of
suppose that you knew for sure that Mark last night talking about the wonders of
was going to die tomorrow. How much life the cash value investment. Now I am going
insurance would you buy on his life to give you the real scoop about that."
---$90,000 or $450,000 --- assuming the This one always puts the final nail in
premiums were identical?"She looked at me the cash value coffin."The cash value," I
as if I was crazy. "I'd buy the $450,000 continued, "is not like an ordinary
policy. Who wouldn't?"I then gave Jan a investment such as stocks, bonds, or a
quick education about life insurance, bank savings account.""But the agent said
explaining that there are only two kinds it was just like a bank savings
of life insurance, term and cash value. account...""It resembles a savings
The problem is knowing which one of them account about as much as a shark
is the better buy.Term insurance is pure resembles a goldfish. Tell me Jan, what
insurance ( protection) coverage. If you do you think happens to the cash
pay the premium and die , the insurance value---the promised pot of gold---if
company will pay the face value of the Mark dies? Who gets it?" The fun
policy to your beneficiary. It is starts..."That's easy," she replied, "I
available to age 95 and can be purchased do...it's our money...our
yearly, or on a guaranteed level premium investment...right? Marsh...tell me I am
basis for 5,10,15, or 20 years. The right!""Sorry, you are wrong. If Mark
product is uncomplicated and very dies, the insurance company keeps it.
inexpensive. The premiums, however, do That means that all that extra premium
increase each time the policy is renewed you paid for so many years goes up in
since the insured has grown older.Cash smoke.""So what do I get if Mark
value life insurance (sold as whole life, dies?""You get the face amount of the
endowment, straight life, permanent life, policy...but you could have gotten that
universal, and a zillion other names) is for a fifth of the premium with a term
the second type. It differs significantly policy.""Marsh...you can't be serious. In
from term because there is a savings or my worst nightmare, I would not expect
investment feature attached--the cash something like this. Are you sure?""Very.
value. About 75% to 80% of every premium But if you want some proof of your own,
dollar goes to this cash value "kitty" get the book What's Wrong With your Life
and the remainder pays for the actual Insurance by Norman Dacey. That's just
life insurance protection. These policies one of many books in the library that
typically last to age 100 and the echoes what I have been yapping about.
premiums remain level for one's entire Don't think I am the Lone Ranger on
life.Thus, in one slick package, a cash this."Apparently she got fed up. Her
value life insurance policy claims to voice rose as she said, "The agent never
accomplish two worthy goals: death said word one about any of this! Are you
protection and family savings. It was my telling me that he bent our ears off last
job to convince Jan that cash value night just to sell us a chump change
insurance fails miserably on both counts policy that will leave me seriously
and that she must, for her and her underinsured just so he could make a
children's sake, buy pure term life bigger commission...and that they steal
insurance and nothing else."Jan, there my investment to boot if Mark dies?""That
are two reasons why you must not buy that about hits the nail on the head. And one
whole life policy or any other cash value more thing...when you tell the agent you
product. First and most importantly, want a term policy instead, expect
cash value life insurance is anywhere another visit from him. Be aware that
from five to ten times more expensive they are very well trained in changing
than the equivalent amount of term minds. Plus, you might want to shop
insurance. It's like paying $75,000 for a around for the best deal. Even among term
$15,000 automobile just because you went policies there is a wide variance in
to the wrong dealership."To keep their price."EndPostscript:It is this author's
customer's attention away from the high hope that anyone in possession of this
cost of cash value, agents focus their article pass it onto their relatives,
sales spiel on the investment feature, friends, and neighbors. The information
usually with the aid of reams and reams in this article can put many thousands of
of incomprehensible computer printouts. extra dollars in the bank accounts of
This sales tactic has literally duped the those who need it most.Copyright 2000
American public out of trillions of Marsh Kaminsky CPA (retired due to
dollars in the last 150 years, ever since disability)
cash value was invented."Jan, how much e mail: Because of Multiple Sclerosis, I
time did the agent spend last night am a retired CPA. Besides my interest in
talking about the actual insurance life insurance, I have a very strong
protection versus how much money you'll interest in early preschool learning.




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