Almost Got Fooled on a Life Insurance Ruse

It seems everyone has a hustle.

My life insurance agent, who has not contacted me in probably a decade, recently called to discuss my insurance needs. He was likely not aware that I have an understanding of that industry, not to mention my many years of hard life experience when someone calls out of the blue with an unbelievable offer.

Upon reviewing our life policy, he determined that my wife and I only pay about $350 a month for some excellent coverage, which we had established long ago. When either of us passes away, the other will be financially well off. My agent then thought, in my best interest, that being well-heeled now, I no longer need that high coverage. At the very least, we should reduce our benefits. Imagine how much money we would save by not paying that $350 monthly! He made this recommendation three times, repeating how much our monthly savings could be, which should make us very happy. Bless his heart.

I quickly did the math. As this is a term policy, all the premiums paid are gone. However, in the future our rates will remain low, and with no medical requirements it turns out that now, this is the best investment ever! All we have to do is keep it going. By continuing to pay the premium, I could live to 102 before we start to lose on this deal; until then, we’re in the money. My wife is in even better shape. She can live to 129 before we would suffer a loss on this policy. We would be foolish to close this policy now, even with minor premium increases. Of course, my agent was not happy we discovered this, but we wondered how many people get fooled into this ruse.

Insurance companies like to take your money but are reluctant to pay it out, so they try to cut their losses before it is time to make good on their end. Had we listened to our supposedly magnanimous agent, presumably working on our behalf, we would have let slip one of the best investments of our lives. I assume, of course, that we will not reach those lofty years, despite the healthy lives we try to lead.

It pays to do your research. You should do the same with any trading applications you may be interested in. When I started trading options many years ago, there were but a few training programs available; believe me, they were costly! They may have been worth it had they provided solid information we could use, but I found them to be very lacking.

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Great trading,

Hugh