Friday, February 28, 2014
February 28 - Online Discussion Question 2
Maurice, your cousin, has gone to work at Midwest Mutual, a huge whole life insurance corporation. When you come home from school, he’s sitting across from your parents and smiling. They’re about to buy a joint whole life policy that will pay $100,000 if your dad dies and will build savings as they pay the premiums. You want to stop him, but he’s “family,” so you can’t insult him. You decide to ask him questions that will reveal what a bad idea the policy is. What questions will you ask him, and why?
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I will ask him:
ReplyDelete1) Why do they need a whole-life insurance plan?
(So that he can lay down his case)
2) What is the normal premium for $100,000 in insurance?
(So that they can see that it is very expensive)
3) What is the rate of return on the savings plan?
(So that they can see how low the rate of return is)
4) Are there fees deducted from the return? If so, how much are they? And
how often are they to be paid?
(So that mom and dad can see how much extra money they have to pay
just to have a savings account)
5) Why do mom and dad need life-insurance for their entire lives if they could
use a term insurance policy for like twenty years and work on becoming self-
insured during that time? (I'd explain what self-insured means)
(So that my parents can see an alternate route)
* Why do they need a whole-life insurance plan?
ReplyDelete(So that he can 'sleep' just in case something happens)
* Are there fees deducted from the return? If so, how much are they? And
how often are they to be paid?
(So that mom and dad can see how much extra money they have to pay
just to have a savings account)
* Why do mom and dad need life-insurance for their entire lives if they could
use a term insurance policy for like twenty years and work on becoming self-
insured during that time? (I'd explain what self-insured means)
(So that my parents can see an alternate route for it)
Agreeing with comments ^
ReplyDeleteYeah, I agree, as well.
ReplyDeleteYou could also as something as simple as, "Have you looked for something cheaper, because that's a lot of money to spend?"
Autumn
I would ask him why he would recommend a whole life insurance plan over a term life insurance plan. Then I would ask him what the premiums are for both options. I would ask him what benefit there is to having a whole life insurance plan over having a term life insurance plan and why we should pay more to have a savings account that doesn't have a very good rate of return? I would ask if he thinks it's a good idea or a bad idea to get insurance for life, when you can get term life insurance and have smaller payments. I'd also ask if he thinks it's a good idea to work to be self-insured by a certain age so you don't need a whole life insurance plan. Hopefully, through those discussions, he and my parents would see that whole life insurance is not a good idea.
ReplyDeleteI also agree with the comments above.
I also agree with the comments so far. I would ask him to give my parents time to shop around and look at different options.
ReplyDeletebasically the same as above and if i were to write down my own it would just be redundant
ReplyDeletetravis
I agree.
ReplyDeleteAsk why its neccisarry
Ask how the rate of return would compare to putting money into a good mutual fund.
I agree with all of the above as well. I would also ask why he thinks they need a whole life insurance plan versus a term life and why the rate of return for the savings account is so small.
ReplyDeleteEverything that everyone already answered. Make him admit that it's a bad deal.
ReplyDeleteeyezik
I'd ask him if he has done any research onto what he is selling them. If not I would have to show him what whole life insurance really is. If he is still not "converted" then i would ask about what percent of the money from the savings would the family get back in the end.
ReplyDeleteAdam
I agree with everyone else….. :)
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