OT: Life Insurance
06-09-2005, 06:40 PM
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OT: Life Insurance
Hi Guys/Girls,
If you'd be very kind to tell me, I'd like to know what you think of life insurance...
Almost everyone I know of has car insurance, but I never heard anyone mention anything about life insurance.
I was wondering if people really don't know/care about it, because they can afford thousands of $ for car insurance, but not life insurance to protect themselves and their family.
What I'd like to know:
- Do you think you need it
- Do you think people (in general) need it
- Do you think it serve its purpose (to protect people) or just a waste of money
- If you have to pay e.g $1000, to cover death, terminal illnesses, income protection, etc., what would you do?
- What would you do/ think if someone approached you and tell you to buy life insurance LOL
The reason I ask is because I was offered a job as an Insurance Adviser, and they (people in this business) say that they help people protect their family, etc. and that even though not everyone will buy, most of the people who love and care for their family do buy.
They also tell me that it's considered to be the best job because what you do is to interact with people, make friends with them etc, but ofcourse if they don't buy you'll not get any money (commision based).
BTW, they are very friendly people which means nice and friendly working environtment.
The thing is I don't know if I can do this or not. I didn't know a thing about life insurance before, but now I think when I have a family, it's a must.
Advantages:
- If you're successful -> big reward... (most of them earn +- $100K, some upto 300K)
- flexible (you're your own boss)
- meet people, talk, be friendly, rather than sit at the office 9-5
Disadvantages:
- Very hard in the beginning
- Based on commision
- there's a possibility that people will stay away from me LOL
LOL
I'm still thinking whether I should do it or just work a normal 9-5 job...
Help me decide please
If you'd be very kind to tell me, I'd like to know what you think of life insurance...
Almost everyone I know of has car insurance, but I never heard anyone mention anything about life insurance.
I was wondering if people really don't know/care about it, because they can afford thousands of $ for car insurance, but not life insurance to protect themselves and their family.
What I'd like to know:
- Do you think you need it
- Do you think people (in general) need it
- Do you think it serve its purpose (to protect people) or just a waste of money
- If you have to pay e.g $1000, to cover death, terminal illnesses, income protection, etc., what would you do?
- What would you do/ think if someone approached you and tell you to buy life insurance LOL
The reason I ask is because I was offered a job as an Insurance Adviser, and they (people in this business) say that they help people protect their family, etc. and that even though not everyone will buy, most of the people who love and care for their family do buy.
They also tell me that it's considered to be the best job because what you do is to interact with people, make friends with them etc, but ofcourse if they don't buy you'll not get any money (commision based).
BTW, they are very friendly people which means nice and friendly working environtment.
The thing is I don't know if I can do this or not. I didn't know a thing about life insurance before, but now I think when I have a family, it's a must.
Advantages:
- If you're successful -> big reward... (most of them earn +- $100K, some upto 300K)
- flexible (you're your own boss)
- meet people, talk, be friendly, rather than sit at the office 9-5
Disadvantages:
- Very hard in the beginning
- Based on commision
- there's a possibility that people will stay away from me LOL
LOL
I'm still thinking whether I should do it or just work a normal 9-5 job...
Help me decide please
06-09-2005, 06:55 PM
#2
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My two cents on life insurance: it's a waste of money, unless your death would result in severe hardship for loved ones.
Income protection insurance, on the other hand, isn't so evil. And it's usually tax deductible. Score!
Income protection insurance, on the other hand, isn't so evil. And it's usually tax deductible. Score!
06-09-2005, 06:57 PM
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Interesting topic. I don't have life insurance. It's just one of those things which I probably don't think enough about. I don't have health insurance either because I see it as a waste of money despite the small tax savings. It's funny though how we insure our cars for a couple of grand a year yet we baulk at spending a few hundred on our lives for our loved ones.
Insurance salesmen have a bad rep which is probably unfair. Real estate agents have a bad rep too but I wouldn't hesitate to jump into that industry. Mucha moola to be gained if you're good.
You're young. If you're not completely satisfied with your current job, I say give it a shot. Risk is you might be avoided by friends and family if you're too pushy.
Insurance salesmen have a bad rep which is probably unfair. Real estate agents have a bad rep too but I wouldn't hesitate to jump into that industry. Mucha moola to be gained if you're good.
You're young. If you're not completely satisfied with your current job, I say give it a shot. Risk is you might be avoided by friends and family if you're too pushy.
06-09-2005, 07:03 PM
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That reminds me of the old story about an eager young insurance sales rep who approached an old farmer, offering him a life insurance policy. After all the usual sales pitch and appeals to emotion the farmer declined .
When the sales rep asked why, the old farmer replied "When I die, I want it to be a sorry day!"
When the sales rep asked why, the old farmer replied "When I die, I want it to be a sorry day!"
06-09-2005, 07:28 PM
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I have life insurance left over from when i was in the construction industry, now i just keep it going for my 3 year old son. it is setup so that it goes into a trust for his private school fees and stuff but so my x wife can't get her hands on it as any dipping in would have to be approved by the overseer of the trust.
My 2c.
Chris.
My 2c.
Chris.
06-09-2005, 07:44 PM
#6
Let's see, insurance, and sales. I can only think of one profession less respected and I won't mention it because I don't want to insult Fisty. 
Life insurance is one of those things anyone with dependants should have. Un fortunately it has got a really bad reputation in recent times because of unethical sales practices.
Life insurance is one of those things anyone with dependants should have. Un fortunately it has got a really bad reputation in recent times because of unethical sales practices.
06-09-2005, 08:51 PM
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Insurance in general is about risk. And it is also a business so most people are just wasting their money on it (otherwise the insurance companies wouldn't be viable as business).
We do car insurance because it is the law that we need CTP and we tend to think that we need comprehensive as much as CTP. If you are leasing or financing you have no choice as the dealers will demand CTP and Comprehensive insurance before handing over the car keys. Matter of fact some the lease/finance companies specify that the car be insured for the total amount financed (including interest). This is what happened to me with the Smart. The insured amount is greater than the actual value of the car.
With health, life, contents, renters, etc we have the choice and that is when most people realize it is a waste of money. If you really needed it the insurance companies would be out of business.
But because it is about risk and risk varies from one minute to the next (less risk for me here typing this, more risk later driving home) you never know when/if you will need it. And that is where the insurance companies come in. They will pick up the tab IN CASE you become a statistic. That is also where the unethical sales pitches come in: excessive appeals to 'love for your family' etc.
I used to carry life insurance worth a few million on myself when I was part business owner. I was working crazy hours (detriment to my health), the business could ill afford to loose me (needed a continuance plan & $$ to pay for my replacement), my wife couldn't work (Dependent visa in the US, mortgage, car payments, etc) and I was too young (would be a long time on disability if I needed it). None of those things apply to me now so I have no life insurance.
As far as the kids go. Yes, you need to provide for your kids' education an support until they are 18. After that they should be old enough and prepared enough (if you did a good job) to fend for themselves. Life insurance is just a backup because if you don't die you still have to pay for all those things. So you may as well be responsible from the get go and save lots.
Health is another one where I'd rather have it than not. Any medical procedure these days will cost you upwards of $1000. With private health being about $2000/year and if you live an active lifestyle it doesn't sound like a bad deal to me. Besides if nothing happens you can always max out your non-emergency visits every year. Getting a yearly physical won't hurt you and may actually save your life (early cancer detection anyone?)
We do car insurance because it is the law that we need CTP and we tend to think that we need comprehensive as much as CTP. If you are leasing or financing you have no choice as the dealers will demand CTP and Comprehensive insurance before handing over the car keys. Matter of fact some the lease/finance companies specify that the car be insured for the total amount financed (including interest). This is what happened to me with the Smart. The insured amount is greater than the actual value of the car.
With health, life, contents, renters, etc we have the choice and that is when most people realize it is a waste of money. If you really needed it the insurance companies would be out of business.
But because it is about risk and risk varies from one minute to the next (less risk for me here typing this, more risk later driving home) you never know when/if you will need it. And that is where the insurance companies come in. They will pick up the tab IN CASE you become a statistic. That is also where the unethical sales pitches come in: excessive appeals to 'love for your family' etc.
I used to carry life insurance worth a few million on myself when I was part business owner. I was working crazy hours (detriment to my health), the business could ill afford to loose me (needed a continuance plan & $$ to pay for my replacement), my wife couldn't work (Dependent visa in the US, mortgage, car payments, etc) and I was too young (would be a long time on disability if I needed it). None of those things apply to me now so I have no life insurance.
As far as the kids go. Yes, you need to provide for your kids' education an support until they are 18. After that they should be old enough and prepared enough (if you did a good job) to fend for themselves. Life insurance is just a backup because if you don't die you still have to pay for all those things. So you may as well be responsible from the get go and save lots.
Health is another one where I'd rather have it than not. Any medical procedure these days will cost you upwards of $1000. With private health being about $2000/year and if you live an active lifestyle it doesn't sound like a bad deal to me. Besides if nothing happens you can always max out your non-emergency visits every year. Getting a yearly physical won't hurt you and may actually save your life (early cancer detection anyone?)
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06-09-2005, 09:00 PM
#8
Originally Posted by cashout,Jun 10 2005, 02:51 PM
As far as the kids go. Yes, you need to provide for your kids' education an support until they are 18. After that they should be old enough and prepared enough (if you did a good job) to fend for themselves.
Better hope you don't have Greek kids. I hear they stick around till at least 35.
06-09-2005, 09:06 PM
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Originally Posted by AusS2000,Jun 10 2005, 03:00 PM
Boy are you in for a rude shock.
Better hope you don't have Greek kids. I hear they stick around till at least 35.
Better hope you don't have Greek kids. I hear they stick around till at least 35.
I think they will be the ones getting the shock. I'll just call my Dad and get him to help me remember (and practice) his "My financial obligations are finished" speech. He'll be close to 80 by then but I am sure he'll still have some of his Liberal Youth debating skills left in him
