I’ve been thinking a lot about life insurance.
Mainly because I’m thinking of updating previous newsletter issues on the topic of life insurance to include audio. But, also because I’ve been seeing more and more myths about life insurance floating around the web.
Here are a few of them:
- You should never mix insurance and investing.
- Permanent life insurance is too expensive, and salesmen make huge commissions.
- You don’t need a middle-man for your investments, and that’s what an insurer is.
- Term insurance is cheap.
- You don’t need a lot of life insurance.
- You can never buy too much life insurance.
- Whole life has a terrible rate of return.
- The only ones recommending permanent insurance are the ones making a commission off it or who have a vested interest in sales.
- Term + investing always results in more money.
- Complexity favors the seller, and whole life is too complicated.
- Even when it works out OK, it takes too long to see positive returns.
- Most people lapse their permanent insurance policies.
- You should only expect the guaranteed minimum in your insurance policy.
- You don’t need insurance when you’re old.
And the list goes on and on.
Anyway, these myths are pervasive and…
…if you believe them, it’s like hooking a Hoover up to your bank account and feeding the money into a woodchipper…
…or into the hands of the CEO of your bank. Fact is, most banks are happy to take your money and feed it into their “underground” profit machine … and make MILLIONS doing literally nothing.
Of course, there’s absolutely nothing stopping you from doing something similar… provided you’re willing to employ the same tactics they do.
Want to know how?
Join my email list and I’ll show you.