Let's Stop Complaining?

It's already February, the election is over and we have run into a wall, not over a cliff. Let’s take some control of our own lives and stop blaming everyone else. If we started to save more of our own money, we would have more freedom. Freedom from bad jobs, no jobs, bad decisions, more taxes and even our children moving back home. We could prepare for retirement, maybe even retire sooner, and not burden our families with the possibility that we might live too long and get sick.

Let's take a person age 50 that needs $500,000 of life insurance in the event he dies in the next 20 years. Could he die within that time frame? Of course. Will he? Probably not. Since he doesn't want to die, the insurance company doesn't want him to die and hopefully his family doesn't want him to die, let’s bet with the insurance company that he won’t, and guarantee to give him all his premiums back at age 70 if he lives?

The premium is $4,100 per year. We don’t think the insurance company would take the risk of $500,000 in death benefit for that premium if they thought our customer was going to die. We also don’t think the insurance company believes our customer is going to keep the policy for 20 years to get his money back.  WE HAVE A PLAN to keep some of our freedom. When our customer lives to age 70, he can 1) transfer the $82,000 in returned premium to a single premium product with a $4,000 monthly LTC benefit and a guarantee return of premium if he changes his mind, or 2) transfer it to an immediate annuity, receive $466 per month and use it to pay for a $6,000 monthly LTC benefit policy, or 3) use the annuity money to pay for his Medicare, or 4) party like crazy, celebrating the fact he lived and is not sick!

There are only two objections to the above that we can accept. One, the coverage isn't enough, and the customer needs to save more money or two, the person just doesn't care. If the objection is the second, shut up and stop complaining because he is going to be the problem for the rest of us.