Willingly Fed to the Sharks

I was recently reminded of this incident that happened a few months ago. I met this person who was recommended an ILP by her agent. The agent went as far as to use skewed calculation and fuzzy Maths to show her that the ILP was much better than a term policy.

Feeling uncomfortable about the recommendation, she sought a second opinion and that was how I came about to give her some advice.

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Theory of Decreasing Responsibility

Here is a self-explanatory image that describes the “Theory of Decreasing Responsibility”:

Picture credit: http://www.askprimerica.com/category/primerica/

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What is Buy Term Invest the Rest?

Buy Term Invest the Rest is a strategy that provides an alternative to whole life insurance policies. The rationale for such a strategy is that one can invest the savings in premiums one receives by purchasing an inexpensive term policy rather than a pricier whole life policy. The accumulated savings and investment returns will then make up a sum of money for one’s insurance needs in future when the term policy ceases.

Here’s the Math for such a strategy:

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