I think that your assets should be diversified in all classes. Fixed/variable, funds, real estate, etc etc. Series 7 "guys". Cmon. I have my 7. Don't really need it anymore. I focus on fixed products. I like protecting clients principle. I do think that there is a home for all products. As for the basic salesmen type. Without them you wouldn't be getting to far. Municipal bonds don't sell themself hence making roads that are driveable. Every time you roll someones mutuals into an EIA. I am sure your not complaining about the 3-11% your putting in your pocket. I am with you on the transactional side of things. I think its more about how much gross you can do when your a stock slinger and retailing product. To each his own.

Bradenton Ins. Group I'm NOT talking about Insurance Agents here who have their Series 7.

I'm talking about the Series 7 clueless clown Registered Representatives who HAD to get their Insurance License to sell the infamous bloated pig with lip stick known as a Variable Annuity.

They are NOT insurance agents. Nor have they been trained in the insurance business. They are the typical stock, bond and mutual fund day traders playing stocks like a flea market swap meet with "other" people's money.

They have little to none real world experience or knowledge of insurance products, their uses and especially fixed annuities.

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

Shamelessly bumping this thread to the top of the message board because I want to shuffle the deck!

Not to mention in doing so it gives me a sense of power and control where none actually exists.

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

This will be a great topic for The Financial Power Hour

Click the linky above to hear promo.

Then listen live next Thursday @ 1:00 PM streaming on the net at www.whnz.com

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

I have a very simple answer fo everyone educate yourself and know what you are buying before you buy it then you will be getting exactly what you need and want.

That is the point I try to drive home to people there is no magic one size fits all you have to know what size you are and what you need.

wwwbudgetingsense.com

I want to make this perfectly clear that I DID used to work for Primerica, and I did sell their products. I do not any longer.

Their preachings of "Buy Term and Invest the Difference" do make sense for the average American family in the market for life insurance, and their insurance products are some of the safest, highest quality term insurance products available. That's not to say that it's cheap - it certainly isn't.

And I do agree, they do have a rather high load on their mutual funds, even though SHRAX is one of the best aggressive funds available for (again) the average American.

I have helped out many families and opened up thousands of dollars for people that they didn't even know they had. What's the purpose of buying an INSURANCE product, insurance or savings?

Insurance.

Anybody who tells you Whole Life Insurance is better because it: A lasts for life (which isn't entirely true, if you want your cash value anyway) and B because the cash value is tax free is only trying to "help" you with you insurance because their commission checks are about 5 times larger than a term insurance check, plus they get residuals for the first 3 years or so, however long it takes before your cash value actually starts to accumulate.

The only time I would ever suggest any form of WLI to ANYBODY is if they were 7 figure earners and had nowhere to shelter their estatel then I would say VLI, but NEVER WL or UL.

And by the way, if you haven't done your research on MetLife's PrimElite 4 variable annuity, that annuity makes perfect sense for people approaching their retirement who are looking for 5% guaranteed interest for TEN YEARS.

Have any objections to this info?

WARNING: Long read, but funny and yet another litereary masterpiece!

Part 1


ShultzLPU wrote:

Quote:

Have any objections to this info?

Well, the first thing that pops into my brain is that useful "information" is usually something that is categorized as fact and can be backed up by a credible third party source. Otherwise the so-called "information" is nothing more than OPINION.

For example, if I state that reasonable Probate Attorney Fees under your Last Will & Testament in the state of Florida are 3% of the inventory value of your Estate up to $900,000, that sounds like dogmatic opinion.

However, if I go further as demonstrated below and quote that section of Florida Law and provide the linky to the credible source, then the "information" becomes irrefutable FACT and not just someone's OPINION.

Florida Statute 733.6171

733.6171 Compensation of attorney for the personal representative.

Quote:

(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during the administration as provided in the following schedule: (a) One thousand five hundred dollars [$1,500] for estates having a value of $40,000 or less. (b) An additional $750 for estates having a value of more than $40,000 and not exceeding $70,000. (c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000. [$3,000, these fees add up fast] (d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.

For more information on what's posted above click THIS LINK.

That being said...let the thread war begin!

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

Part 2

ShultzLPU wrote:

Quote:

I want to make this perfectly clear that I DID used to work for Primerica, and I did sell their products. I do not any longer.

Does this mean you are no longer in the financial services business meaning you are a failed insurance agent rendering a myopic opinion or does this mean you're still in the business and finally figured out the "Buy EXPENSIVE Term and Invest the Difference in our loaded mutual fund" insurance sales marketing strategy so our agents can earn a commission?


Your statements above are pure rhetoric. For example, "their insurance products are some of the safest, highest quality term insurance products available."

Primerica is owned by Citigroup who is on the verge of collapse. What are "highest quality term insurance products" as opposed to lowest quality? If you die with ANY form of life insurance with ANY company the beneficiary is paid the death benefit. Are you saying the death benefit check is printed on higher quality paper? Do the "other" insurance companies write out the check by hand causing it to be inferior?

Absurd rhetoric leads to more absurd rhetoric.

Such as, "Their preachings of "Buy Term and Invest the Difference" do make sense for the average American family in the market for life insurance"

I'll agree with two conditions:

#1, make sure you die during the initial term period;
#2, make sure you DO NOT ever become uninsurable.

Quote:

That's not to say that it's cheap - it certainly isn't.

That's right. They have to have the premium high enough so the commission paid to the writing agent is economically feasible for their agents to earn a reasonable living.

Quote:

I have helped out many families and opened up thousands of dollars for people that they didn't even know they had. What's the purpose of buying an INSURANCE product, insurance or savings?

This is where rhetoric, facts and human nature collide. The vast majority of the so-called average Americans in actuality don't "Buy Term and Invest the Difference" They "Buy Term and SPEND the Difference." So all the projected future wealth and riches are never realized.

The purpose of buying life insurance is to provide the death benefit to the beneficiary and I can readily assure you the life insurance companies don't give a damn whether you buy their term insurance or you buy their cash value insurance, either way, they make money.

In fact, life insurance companies love 10 year level term insurance because the premium more than doubles in the 11th year and if in the mean time you've become un-insurable you are now stuck with that policy that you can either no longer afford OR you have to cut the face amount, OR you have to convert to cash value insurance AND cut the face amount OR completely terminate the policy because its become unaffordable.

Nobody has EVER gotten rich by buying cash value life insurance NOBODY. The purpose of the cash value life insurance is to mitigate the fact as people age the cost of insurance goes up exponentially the closer you get to life expectancy.

Quote:

Anybody who tells you Whole Life Insurance is better because it: A lasts for life (which isn't entirely true, if you want your cash value anyway) and B because the cash value is tax free is only trying to "help" you with you insurance because their commission checks are about 5 times larger than a term insurance check, plus they get residuals for the first 3 years or so, however long it takes before your cash value actually starts to accumulate.

What's stated above is the typical pejorative blanket condemnation of commission based insurance agents by "other" commission based insurance agents. It's also demonstrative of the certified clueless clown spoon fed masses with their heads up their assterisks.

What utterly amazes me is that people actually write these words on the Internet for all to read and see just how brain dead they are.

To wit:
"Anybody who tells you Whole Life Insurance is better because it: A lasts for life (which isn't entirely true, if you want your cash value anyway)"

This is like saying...Anyone who tells you your bank CD held in your trust will pass to your beneficiaries isn't entirely TRUE if you withdraw the money and spend it.

I've read some incredibly assinine statements on the Internet but THAT one takes the cake!

Let me see if I got this right. A person buys a traditional whole life policy whereby the premium stays exactly the same for their WHOLE LIFE, the death benefit stays exactly the same or their WHOLE LIFE and the minimum interest rate is guaranteed for their WHOLE LIFE.

But the "negative feature" to that WHOLE LIFE policy is if the insured decides to cash out their WHOLE LIFE policy then contract will no longer be in force and the beneficiary won't be paid the death benefit because the owner of the policy took their cash and spent it!

That's brilliant ShultzLPU.

And then there's this:
"and B because the cash value is tax free is only trying to "help" you with you[r] insurance because their commission checks are about 5 times larger than a term insurance check,"

Yes indeed, back to this pesky commission thingy. Well it's time for a public service announcement.

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

Part 3, read Parts 1 & 2 above.

Dear Insurance Buying Public,

If you don't like the fact an insurance agent is paid a commission on each and every insurance contract they write, then please cancel every form of insurance you own to prevent AND stop this injustice.



Once again this clueless clown has coupled unrelated things together.

To wit again:
"and B because the cash value is tax free is only trying to "help" you with you[r] insurance because their commission checks are about 5 times larger than a term insurance check,"

Please tell me how the INCOME tax free death benefit to the beneficiary on each and every form of life insurance has anything to do with agent compensation?



Now this is a good one:

Quote:

The only time I would ever suggest any form of WLI to ANYBODY is if they were 7 figure earners and had nowhere to shelter their estate then I would say VLI, but NEVER WL or UL.

Life insurance DOES NOT "shelter" your Estate from Federal Estate Taxes. In fact, life insurance is INCLUDED in your Estate for Federal Estate Tax purposes unless you establish an Irrevocable Life Insurance Trust.

Now, once again, ShultzLPU please tell the readers just exactly what is the difference for Federal Estate Tax purposes on a 7 figure wage earner between say a $5 million dollar death benefit paid from:

#1) a Variable Life Insurance Policy; or

#2) a Whole Life Insurance Policy; or

#3) a Universal Life Insurance Policy?

Please keep posting Schultz...I enjoy the sport and perhaps next time you'll invite Colonel Klink!

For those of you who enjoyed reading this box rant you'll love listening to me live streaming on the Internet at 1:00 PM every Thursday on 1250 WHNZ in the Tampa Bay area, www.WHNZ.com

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

I left Primerica because I found myself a far more lucrative career with a skillset that I already have in direct sales - as far as my failure as an insurance agent? I'd hardly call it a failure and I'd hardly call myself an "insurance agent" holding my 6, 63, VA apt, and mass mortgage license as well.

How many license exams have you taken? I would love to know what your background is in personal finance as a whole, and also why you apparently seem so intimidated by the fact that a 22 year old might know more about finance than a 53 year old.

Oh, sorry - another time and ONLY ONE ADDITIONAL EXCEPTION to who I would recommend buying WL is if the client was under 18 years of age and was supplied coverage in a rider. Of course, these are all opinions, and obviously you have some huge dispute on my opinions, all mighty lord of finance.

I merely made a statement of opinion, one of which a lot more "average american families" have agreed with me on, after analyzing the countless number of WL policies I have replaced. saving them thousands. let me ask you something;

For the average American family, which makes more sense, WL or BTID?

Also, your information on "All term policies being the same" is 100% FALSE.

There are different variations of term insurance with different default riders and different exclusions.

Don't believe me? maybe you should apply for a term policy from AIG, NewYork Life, ING, and Primerica, and let me know what you see in AIG and NYL, that you DON'T see in an ING or Primerica policy. I've replaced countless TERM policies and cheap, useless AD&D as well.

also, when was the last time you've received a quote from an insurance giant such as ING and a comparison quote for the same policy from Primerica? Primericas policies are NOT THAT MUCH MORE expensive than "regular" (as you call them) insurance companies.

Also, if you're this so called "self appointed financial expert", please tell me why there are some companies that offer 35 year level premium term and renewal at the end of term WITHOUT HAVING TO PROVE INSURABILITY?

Granted, the premium goes up on their attained age, but not having to prove insurability is a huge deal. the purpose of BTID is so the client has ENOUGH LUQUIDITY at retirement to where they NO LONGER NEED LIFE INSURANCE because they're self-insured. Want to dispute that?

However, you ARE right in the fact that MOST people don't follow their financial plans - and they buy term and SPEND the difference. That's their problem - and something I have no control over, however that's why they created automatic bank drafts.

when was the last time you actually updated your mental rolodex of available insurance products, 1970? (I wasn't alive then, so I wouldn't know what was available) But I do know what's available TODAY, 2/21/2009, and why more and more people continue to switch over to term insurance, even without Primerica's existance.

I'm not really interested in a thread war, as I don't spend my days and night screening these threads for elitist asshats such as yourself to argue with, but my points and opinions are valid, and yours are as well - if you would like to speak to me as if you aren't a two year old attempting to add inches to your sandwich, feel free to do so. Or, if you feel extremely brave, you can call me (781) 424-1610.

Rather than trying to boost your age-strickened confidence by bashing me with the same comment 3 times in one post, why don't you provide a useful opinion that doesn't make you look like an inept child.

I'm done here, as I've proven my point. If you want to speak to me or try to dispute my FACTS above, call me and get your ass off your computer seat.

Schultz don't take my Box Rants personal, it's just business, not personal.

In additional to being the only person in the USA who holds a *SAFE designation I'm also the self proclaimed "Godfather" of the financial services industry..... AND .....I'm a legend in my own mind.

That being said I'm going to go ahead and rip your words to shreds for my own entertainment purposes and you're also going to be featured on my radio show on Thursday @ 1:00 PM on 1250 WHNZ, www.whnz.com

Schultz wrote:

Quote:

There are different variations of term insurance with different default riders and different exclusions.

Yes there are different versions of term insurance there's 5, 10, 15, 20, 30 year level term and Annual Renewal Term.

There is no such thing a "default riders" on any term policy. I didn't say an insured couldn't add a spouse rider, child rider, accident rider or waiver of premium rider BUT these are ADDED ON and not by default.

There are no EXCLUSIONS on medically underwritten life insurance. You are either dead or alive. You either committed suicide within the first two policy years or you didn't and/or your application was either fraudulent or not.

That is an absurd statement.

Schultz continues with:

Quote:

Also, if you're this so called "self appointed financial expert", please tell me why there are some companies that offer 35 year level premium term and renewal at the end of term WITHOUT HAVING TO PROVE INSURABILITY?

Schultz I didn't say their coverage ends when the initial term period expires. In fact, I don't know of ANY term life insurance policy with any company that doesn't stay in force to at least age 95 as long as you pay the premium.

The point, which you totally missed, is that if you become uninsurable you're stuck with the last policy you bought.

Schultz confirms what I said with this:

Quote:

However, you ARE right in the fact that MOST people don't follow their financial plans - and they buy term and SPEND the difference. That's their problem - and something I have no control over, however that's why they created automatic bank drafts.

Schultz you are the one who is supposed to be the "Professional" when advising your clients. Now if you know for a fact that the vast majority of persons who you sell on the idea of "Buy Term and Invest the Difference" are NEVER going to follow through with your recommendation and in fact would have been better off to keep putting the $100 per month into their Whole Life or Universal Life YOU REPLACED....

Then why do you continue to harm the public by setting up the circumstance that the vast majority of people don't follow?

The reason is because you are a Primerica "Cult Member" with myopic spoon fed views with little to no real world experience.

And then there's THIS:

Quote:

How many license exams have you taken? I would love to know what your background is in personal finance as a whole,

Too funny!

Schultz, sorry to burst your inflated young boy ego but there isn't ANY 22 year old Certified Clueless Clown who knows more regarding life insurance, fixed annuities and personal finance including Estate Planning than......... ME.

By the way, it was you Schultz who wrote your words.

A person is much better off to keep their mouth shut and have people "think" they are an idiot, rather than to open their mouth and remove ALL doubt.

Which person are you?

Please wrte back soon as I enjoy the sport!

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

Gary,

Your heart is in the right place, but you are woefully incorrect in many of your shared thoughts above (and correct in a few).

RobertD hit the nail on the head: education is key and their is a place for nearly every "product" out there.

You're point seems to be that all the great products on the market are often pushed by money-hungry, uneducated themselves, pushers. This is often, but not always, true. Back to RobertD's point - an educated consumer can "catch" the schemes that are being pitched by foolish people in the industry. In addition, an educated consumer can locate a great financial advisor to assist in making smart money choices.

YMH

Your Money House,

I have no idea what you are talking about.

Please be specific.

If you believe I posted something that is not factually correct regarding life insurance contracts themselves, I'm always willing to be taken to school.

If you disagree with my description/opinion of what I consider to be Financial Services Cults that's "Okay" and we can agree to disagree.

So what is your point?

This thread will be part of the topic for my radio show, The Financial Power Hour this Thursday @ 1:00 PM on 1250 WHNZ in the Tampa Bay area and you can listen live streaming from the Internet at www.whnz.com

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

After reviewing more of your posts, I'm going to put my time to better use. I'm not here to fight with anyone, but to learn and share experiences, thoughts, ideas. Good luck with your radio show.

YMH