Suze Orman is a FALSE PROPHET telling people what they want to hear in order to make a QUICK PROFIT
She knows nothing about life insurance. Term is a FAILED 16th. century plan that she is ramming down ignorant people throat. Read my book: LIFE INSURANCE - The Cause Of Economic Prosperity available at most online bookstores and see for yourself.
Ummm NO. But you go right on with your little "know it all" fantasy. I have insured the assets and estates of people worth millions. An LLC is not an estate transfer strategy, it is a tax and liability protection device.
sorry to hear that. I guess the underlying premise of my question was based in the assumption that you actually had friends. I guess we know who the elitist snob is in this exchange after all.
Yeah, I must have been drinking, but at least I'm a happy drunk, unlike some crotchety 47 year old. You need to lighten up if you want to live to be an old fart like me, too old to buy life insurance anymore by the way.
Oh- and I made a serious error in my calculation of the old $50k policy. In the first 10 years I put in $6000 - option 2, now worth $56k. If I let it burn out, I will have had 40 years coverage for $12.50 a month average. If I decide to keep it, I can start it up again too.
and now you have an estate tax problem, that can be solved for pennies on the dollar with the proper life insurance plan.
Whoop dee doo on the 27% gain. Any idiot with half a brain and a dartboard to pick stocks could have done that last year. My self-directed portfolio had gains of at least 27% - after losses ate up 15% I moved to a defensive bond position currently earning 3.9%.
The cash value in my VUL is earning 4.5% because it's guaranteed.
That's nice if I have the $50k to start with. And now I would have a estate tax problem- a good problem to have - that can be solved with a Trust funded by a whole life policy.
The moment of death creates a need for cash - that can come from your estate for dollars on the dollar, or more if you are forced into a fire-sale of assetts, or the cash can be had for pennies on the dollar with life insurance
You don't have to be on welfare to end up on welfare when/if the breadwinner dies. Tell me that you don't know at least one person who grew up with a mom who struggled to make ends meet because the dad died without any life insurance. Or maybe you don't know anyone like this because it seems to me that you just don't listen to people. No wonder you gave up on what I have made a career of.
As long as a policy doesn't lapse due to lack of payment or cash value to carry it, whole life is good for your WHOLE life. Get it? If you have cash value in the policy and miss payments, the cash value can carry the policy. For example, I have a $50K variable UL with Equitable/AXA that I paid on for 20 years. I haven't paid on in the last 10. It will burn out in 10 years without payment. My net cost will be $0 for 40 years coverage.
Over 90% of term policies lapse or become non-renewable.
You really need to learn to pay attention: the 4.5% is AFTER expenses. I give them a premium, they take out the mortality charge (the term insurance cost) and expenses (the only part I don't like because that's their profit) and they invest the rest. My contract guarantees 4.5% minimum EVEN IN BAD years. Pay attention. Technically you are correct about return if the policy is from a mutual company and not a stock company.
I can do this all day - and you will still be wrong.
True, I sell it all day long, and feel good that a family is buying protection for itself. If the breadwinner dies, they don't have to be on welfare- at least not for a while. Welfare = your tax dollars at work.
As for 2) You know nothing. The profit level is pretty well documented and wherever you got the idea that we get a one time commission is interesting. Whole life commissions amount to the same thing as mutual funds- often less than 1% continuing on the net.
Suze is licensed in insurance? I don't know that to be a fact, but Primerica and HL Williams people are licensed too and don't know squat about the function of whole life for planning either.
Why would a majority of Life salespeople own Variable, UL or some form of whole life if it was such a bad idea?
I suggest that they know something the average person doesn't realize, something that we try to tell, and something that Suze doesn't get.
There is not a single family who has NOT collected on a whole life policy, it is in force when it is needed because it's not a question of "IF" you die, it's WHEN. Term is a gamble (but still has it's place). Whole life is a sure thing.
Big lie- nobody ever invests the difference. Those who do, can still fail on their investments.
I have term AND I am investing the difference with one payment to one company - What a concept eh?
Right now, my Variable UL is earning a tax-deferred, guaranteed minimum rate of 4.5% on the net amount AFTER the term rate has been charged. By the way, the internal term rate is MUCH lower than a stand alone term policy.
In good years I have earned up to 22% on the excess.
I AM an idiot. I meant "Charles Givens". H L Williams is another charlatan. CG was successfully sued by people who took his advice and documented their losses in court.
If Suze was smarter, she would post a similar disclaimer to protect herself. I generally like her advice. She just needs to shut up about things that she doesn't understand.
Years ago, syndicated financial columnist, Bruce Williams, shut up about life insurance advice when he received thousands of complaints and criticism.
Disclaimer: Information provided is not from a trained, licensed Financial Representative, Insurance Agent, Broker, Estate or Tax Lawyer. Please document any action taken on Suze's advice as grounds to sue her should her advice turn out to be detrimental the well being of your family.
Shades of H L Givens, sent to prison for fraud in 1993. H L's claim to fame was to be an insurance guru. He was successfully sued in an Iowa court by people who took his advice and lost everything.
Term policies are the only policies to have. Universal life policies are the most useless products in the market today along with whole life, variable life and any other garbage that's out there. Innocent people are being screwed with these policies. The agents who sell these Universal Life, Whole Life, Variable life policies themselves hold Term policies because they want to make a big commission from the sale by screwing the innocent person and protecting their own families properly.
Term has it's place. I sell it all day long. It's an easier sale, less paperwork, better commissions, and more profitable - because it's almost never in force when it is needed the most.
Term is great if you can guarantee that you'll die while it's in force.
Term is CHEAP because a very small percentage of it is ever collected on.
As part of a "Family Protection Portfolio", most people, rich and poor, should have some form of whole life and term.
Hey way to go Stuart, call someone a moron, and not give any reasons. How many financial books have you written, and how are your finances, how do they compare to Suze's. If you are in a better postion than her, maybe I'd take your advice, but considering how you make hit and run criticisms, probably not the best person to get advice from. Have a fantastic day, I am guessing by the grumpy tone, not many people wish you good will. Hope you have a better day. Cheer up!
Suze should be sued by all those she told to stay away from equity index annuities and fixed annuities.! They would have been protected from the recent decline.
For starters she is an absolute moron. That really is the best thing I can say about her so I will stop there.
Please do not make the massive mistake of confusing financial media shills with real life financial planners. I assure you there is a distinct difference in regard to the quality of advice received.
am a financial advisor that sells whole life and term life, usually whole life to business owners who understand how to use the product effectively for getting tax free dollars out of there business. When I work with families, it is usually a mix of term and whole life. But I would challenge anyone in the world to show me a place where my clients could put money to grow on a tax-deferred basis, take tax free withdrawls on earnings and pay no penalties before age 59.5 and get insurance on top
Suze Orman is a FALSE PROPHET telling people what they want to hear in order to make a QUICK PROFIT
She knows nothing about life insurance. Term is a FAILED 16th. century plan that she is ramming down ignorant people throat. Read my book: LIFE INSURANCE - The Cause Of Economic Prosperity available at most online bookstores and see for yourself.
dhfken 2 years ago
Thats ridiculous! You think Warren Buffett and Donald Trump dont own personal insurance? Wealthy people tend to over insure themselves.
dunfordc 2 years ago
Will do that - thanks
darrellvanhorn 2 years ago
Ummm NO. But you go right on with your little "know it all" fantasy. I have insured the assets and estates of people worth millions. An LLC is not an estate transfer strategy, it is a tax and liability protection device.
darrellvanhorn 2 years ago
sorry to hear that. I guess the underlying premise of my question was based in the assumption that you actually had friends. I guess we know who the elitist snob is in this exchange after all.
darrellvanhorn 2 years ago
Yeah, I must have been drinking, but at least I'm a happy drunk, unlike some crotchety 47 year old. You need to lighten up if you want to live to be an old fart like me, too old to buy life insurance anymore by the way.
Oh- and I made a serious error in my calculation of the old $50k policy. In the first 10 years I put in $6000 - option 2, now worth $56k. If I let it burn out, I will have had 40 years coverage for $12.50 a month average. If I decide to keep it, I can start it up again too.
darrellvanhorn 2 years ago
and now you have an estate tax problem, that can be solved for pennies on the dollar with the proper life insurance plan.
Whoop dee doo on the 27% gain. Any idiot with half a brain and a dartboard to pick stocks could have done that last year. My self-directed portfolio had gains of at least 27% - after losses ate up 15% I moved to a defensive bond position currently earning 3.9%.
The cash value in my VUL is earning 4.5% because it's guaranteed.
So how much did you lose since October?
darrellvanhorn 2 years ago
That's nice if I have the $50k to start with. And now I would have a estate tax problem- a good problem to have - that can be solved with a Trust funded by a whole life policy.
The moment of death creates a need for cash - that can come from your estate for dollars on the dollar, or more if you are forced into a fire-sale of assetts, or the cash can be had for pennies on the dollar with life insurance
darrellvanhorn 2 years ago
You don't have to be on welfare to end up on welfare when/if the breadwinner dies. Tell me that you don't know at least one person who grew up with a mom who struggled to make ends meet because the dad died without any life insurance. Or maybe you don't know anyone like this because it seems to me that you just don't listen to people. No wonder you gave up on what I have made a career of.
darrellvanhorn 2 years ago
As long as a policy doesn't lapse due to lack of payment or cash value to carry it, whole life is good for your WHOLE life. Get it? If you have cash value in the policy and miss payments, the cash value can carry the policy. For example, I have a $50K variable UL with Equitable/AXA that I paid on for 20 years. I haven't paid on in the last 10. It will burn out in 10 years without payment. My net cost will be $0 for 40 years coverage.
Over 90% of term policies lapse or become non-renewable.
darrellvanhorn 2 years ago
cool. I couldn't agree more. I will check on Suze's licenses.
darrellvanhorn 2 years ago
You really need to learn to pay attention: the 4.5% is AFTER expenses. I give them a premium, they take out the mortality charge (the term insurance cost) and expenses (the only part I don't like because that's their profit) and they invest the rest. My contract guarantees 4.5% minimum EVEN IN BAD years. Pay attention. Technically you are correct about return if the policy is from a mutual company and not a stock company.
I can do this all day - and you will still be wrong.
darrellvanhorn 2 years ago
True, I sell it all day long, and feel good that a family is buying protection for itself. If the breadwinner dies, they don't have to be on welfare- at least not for a while. Welfare = your tax dollars at work.
As for 2) You know nothing. The profit level is pretty well documented and wherever you got the idea that we get a one time commission is interesting. Whole life commissions amount to the same thing as mutual funds- often less than 1% continuing on the net.
I can do this all day long
darrellvanhorn 2 years ago
Suze is licensed in insurance? I don't know that to be a fact, but Primerica and HL Williams people are licensed too and don't know squat about the function of whole life for planning either.
darrellvanhorn 2 years ago
Why would a majority of Life salespeople own Variable, UL or some form of whole life if it was such a bad idea?
I suggest that they know something the average person doesn't realize, something that we try to tell, and something that Suze doesn't get.
There is not a single family who has NOT collected on a whole life policy, it is in force when it is needed because it's not a question of "IF" you die, it's WHEN. Term is a gamble (but still has it's place). Whole life is a sure thing.
darrellvanhorn 2 years ago
Big lie- nobody ever invests the difference. Those who do, can still fail on their investments.
I have term AND I am investing the difference with one payment to one company - What a concept eh?
Right now, my Variable UL is earning a tax-deferred, guaranteed minimum rate of 4.5% on the net amount AFTER the term rate has been charged. By the way, the internal term rate is MUCH lower than a stand alone term policy.
In good years I have earned up to 22% on the excess.
darrellvanhorn 2 years ago
I AM an idiot. I meant "Charles Givens". H L Williams is another charlatan. CG was successfully sued by people who took his advice and documented their losses in court.
If Suze was smarter, she would post a similar disclaimer to protect herself. I generally like her advice. She just needs to shut up about things that she doesn't understand.
Years ago, syndicated financial columnist, Bruce Williams, shut up about life insurance advice when he received thousands of complaints and criticism.
darrellvanhorn 2 years ago
Disclaimer: Information provided is not from a trained, licensed Financial Representative, Insurance Agent, Broker, Estate or Tax Lawyer. Please document any action taken on Suze's advice as grounds to sue her should her advice turn out to be detrimental the well being of your family.
Shades of H L Givens, sent to prison for fraud in 1993. H L's claim to fame was to be an insurance guru. He was successfully sued in an Iowa court by people who took his advice and lost everything.
darrellvanhorn 2 years ago
Term policies are the only policies to have. Universal life policies are the most useless products in the market today along with whole life, variable life and any other garbage that's out there. Innocent people are being screwed with these policies. The agents who sell these Universal Life, Whole Life, Variable life policies themselves hold Term policies because they want to make a big commission from the sale by screwing the innocent person and protecting their own families properly.
mehulm1035 3 years ago
Term has it's place. I sell it all day long. It's an easier sale, less paperwork, better commissions, and more profitable - because it's almost never in force when it is needed the most.
Term is great if you can guarantee that you'll die while it's in force.
Term is CHEAP because a very small percentage of it is ever collected on.
As part of a "Family Protection Portfolio", most people, rich and poor, should have some form of whole life and term.
Her statement is irresponsible.
darrellvanhorn 2 years ago
Hey way to go Stuart, call someone a moron, and not give any reasons. How many financial books have you written, and how are your finances, how do they compare to Suze's. If you are in a better postion than her, maybe I'd take your advice, but considering how you make hit and run criticisms, probably not the best person to get advice from. Have a fantastic day, I am guessing by the grumpy tone, not many people wish you good will. Hope you have a better day. Cheer up!
blanti 3 years ago
Suze should be sued by all those she told to stay away from equity index annuities and fixed annuities.! They would have been protected from the recent decline.
stuart1116 3 years ago
For starters she is an absolute moron. That really is the best thing I can say about her so I will stop there.
Please do not make the massive mistake of confusing financial media shills with real life financial planners. I assure you there is a distinct difference in regard to the quality of advice received.
stuart1116 3 years ago
Sturat....Spoken like an insurance salesman with no integrity.
astroman30 3 years ago
stuart, I think you are a life insurance broker.......that's why you feel offended by suze coz she told what's under your sleeve
FransLE 3 years ago
This has been flagged as spam show
am a financial advisor that sells whole life and term life, usually whole life to business owners who understand how to use the product effectively for getting tax free dollars out of there business. When I work with families, it is usually a mix of term and whole life. But I would challenge anyone in the world to show me a place where my clients could put money to grow on a tax-deferred basis, take tax free withdrawls on earnings and pay no penalties before age 59.5 and get insurance on top
prospersbc 3 years ago 2
She just became my new hero, Thank God I joined Primerica.
Zubine 3 years ago
Suze is right. Stay away from universal life.
it's a no good product at all.
mypetmax 3 years ago
Go Suze, Viva la Diva! Suze has always said insurance isnt something you buy, its something that gets sold to you!
rocky4x4 3 years ago