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(Complete Show Notes Below)
In this 25th episode of the Financial Procast:
I'm sure that all of our readers/listeners will get a huge shock from hearing/reading this statement. In previous episodes, we've sort of tip-toed around our dislike of the 401k. Today we just come out and tell you exactly what we think is wrong with the 401k and why it should never be used as a primary retirement funding vehicle.
The waiver of premium rider is a mini disability insurance policy that covers the premiums due on your life insurance policy when you are sick or hurt and unable to work and therefore unable to pay the premiums due on your life insurance policy. This rider helps many Americans keep their much needed life insurance coverage during one of the most financially stressful and perilous times.
But you should know that this rider can vary considerably from one life insurance company to the next. It also varies considerably between types of life insurance (e.g. the rider often works differently for whole life insurance than than it does for term life insurance).
I don’t doubt for a minute that our readers aren't familiar with the First Lady of Personal Finance, the diva of dinero, Suze Orman. However, we’ve never publicly taken her to task for her views on cash value life insurance.
That changes today.
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(Complete Show Notes Below)
In this action packed episode of the Financial Procast:
Remember all those really awesome mortgages you could get just a few short years ago? In case you've already forgotten the ingeniuous array of products that the mortgage indsustry served up, I'll refresh your memory–state income loans (aka liar loans), no money down mortgages, 80/20 loans, and the every popular interest only adjustable rate mortgage just to name a few.
A Life insurance policy loan is an often referenced aspect to cash value life insurance. Most agents will bring the topic up casually, and I'd suggest far too casually. Some may discuss only because of their lack of complete understanding, while others have become too comfortable with the topic and have resorted to throwing about industry vernacular without regard to the nuance it poses to the general consumer…I apologize for all the times I have done this and will do this in the future.
Why is that life insurance companies seem too ashamed to just tell people the truth? Do they honestly think that launching a new marketing campaign filled with platitudes will accomplish anything?
I’m completely frustrated with how our industry seems to assume that people are stupid.
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We Dive Deep into the U.S. Economic Mess
Student Loans–There's some good news! (not)
Remember when we all had a Blackberry
2012 Life Insurance Sales Data–the Year of Cash Value Life Insurance?
Just like any other savings or investment plan cash value life insurance requires some degree of management, especially when it's purchased for income or wealth accumulation purposes. So what aspects are important and need some degree of periodic check? That's what we'll be reviewing today.
I know it seems like a question that Fast Eddie would ask you as soon as walked onto the used car lot. You know the drill, “So how much are you looking for your monthly payments to be?”
Yeah we’ve all heard that classic line. And no that’s not exactly what I’m talking about but I discovered just a couple of weeks ago that I can sort of sound that way at times.
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Americans are prematurely breaking into their 401k's to the tune of $70 billion in annual outflows
Are your job prospects dashed after 50?
Millionaires aren't nearly as rosey about the market as their advisors
The 7 most common lies Americans tell themselves about retirement.
