Minimum Protection Value: MyLifeChoice vs TM Legacy Plus vs VivoLife
While whole life policies can be a relatively pricey way to obtain insurance coverage, there are some people who may be more inclined towards such policies. I will always point out the alternative strategy of buying term and investing the rest, highlighting the pros and cons of both strategies. A small allocation to a whole life policy and heavier emphasis on term coverage can often be a good way to deal with one’s insurance coverage.
No comments
Case Study on How Insurance Would Have Helped Unfortunate Man
I read in the papers about a very unfortunate case about a man who accidentally slipped and fell on a walkway wet from rainy weather, causing him to be paralysed from the neck down.
He is now suing the town council for negligence and seeking compensation for medical expenses, loss of earnings, transport costs as well as pain and suffering.
“Dangers” of a Term Policy
I read another adviser’s article talking about the “dangers” of term insurance, specifically the non-payment of premiums, accidental or otherwise.
The writer tries to drive home the point by including anecdotes of term policy owners forgetting to pay premiums, and even a case of an “improper” GIRO arrangement leading to the term policy lapsing and dramatically just when the person needed it the most.
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.