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| Thread ID: 112358 | 2010-09-02 08:58:00 | Life Insurance | Greven (91) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1133975 | 2010-09-02 10:11:00 | $63 dollars per fortnight is ridiculous especially since the average life expectancy of the population in constantly increasing. The cheapest I have found is $12 per month (I am very low risk) but I hate to think what that will go up to in 20 years. |
Greven (91) | ||
| 1133976 | 2010-09-02 10:14:00 | Didn't realise you were a salesman, Nomad. :D ya lil' actuary. | KarameaDave (15222) | ||
| 1133977 | 2010-09-02 10:20:00 | But Life Insurance means you have to be DEAD for anyone to make a claim does it not so how do you go about taking money out? Do you just walk in and say that you are dead and you want the money? At one time there were endowment policies where you got paid out in 10 or 20 years or on death whichever came first. In any event the Insurance companies win in the long run. They are in it to make a profit for the shareholders surely? If they can find a reason not to pay then they won't pay. If we take a recent case a person was insured for loss of limbs. He lost just one limb so get paid zilch. |
Snorkbox (15764) | ||
| 1133978 | 2010-09-02 10:23:00 | Didn't realise you were a salesman, Nomad. :D ya lil' actuary. I did my research prior of getting mine. A real salesman would say go for stepping or yearly adj plans and when you become middle age you may have a prem of $10k for a std 500k cover when you were young or maybe you have to reduce the cover to afford it. They also may get you on a investment life plan. If you quit after 5yr or something you may of paid $10k (it includes savings/investment). If you quit you may instantly lose $6k. If you wanna save money also go for non CPI adj rates. Some company are quite dodgy how they calc numbers. They may add CPI to your prems so yearly they increase 3% (with inflation) but when you need a payout they pay you in terms of adj real inflation. |
Nomad (952) | ||
| 1133979 | 2010-09-02 10:24:00 | $63 dollars per fortnight is ridiculous especially since the average life expectancy of the population in constantly increasing. The cheapest I have found is $12 per month (I am very low risk) but I hate to think what that will go up to in 20 years. I might add that I already have insurance but this was a cold call at 6:10 PM this evening so out of interest I asked what the rates were. I was pleased I was sitting down when told. I may have had a heart attack and died. :devil |
Snorkbox (15764) | ||
| 1133980 | 2010-09-02 10:26:00 | Life insurance is a form of gambling whereby you agree to keep buying tickets regularly in the hope you will die soon and make all your relatives pleased you are dead. The Insurance company hopes you will live and keep paying for ever. The problem is to decide how you can win. |
R2x1 (4628) | ||
| 1133981 | 2010-09-02 10:27:00 | But Life Insurance means you have to be DEAD for anyone to make a claim does it not so how do you go about taking money out? Do you just walk in and say that you are dead and you want the money? At one time there were endowment policies where you got paid out in 10 or 20 years or on death whichever came first. In any event the Insurance companies win in the long run. They are in it to make a profit for the shareholders surely? If they can find a reason not to pay then they won't pay. If we take a recent case a person was insured for loss of limbs. He lost just one limb so get paid zilch. Endowment policies are a real ripoff. I think they are investment plans. A customer has the right to request prem and cover projections before you sign the dotted line. They need your DOB, job title type, smoker or non etc.. You pop on spreadsheet and see for yourself. No not a salesman :D You quit the life plan is stuck to the investmetn you get a double affect. The incentive is always towards the later years when you withdraw. If you withdraw at 55 you get less than at 65. If you quit early before any of those dates, you be lucky to receive half of what you paid in. Endowment plan (2 in 1). Let's say you have 50k cover and maybe investment of 50/week you put in. Ya better off buying life at 50k cover and then get investment of 50/week you put in. You will have quite a bit left over ..... In addition the invesment you don't need superannuation, you can get a normal investment that you can withdraw cash out monthly with no penalty and still keep your life cover. |
Nomad (952) | ||
| 1133982 | 2010-09-02 10:28:00 | Well, good on you for researching your insurance. No offense meant, just a little squiffy this end. :D |
KarameaDave (15222) | ||
| 1133983 | 2010-09-02 10:30:00 | Life insurance is a form of gambling whereby you agree to keep buying tickets regularly in the hope you will die soon and make all your relatives pleased you are dead. The Insurance company hopes you will live and keep paying for ever. The problem is to decide how you can win. Agreed! |
Snorkbox (15764) | ||
| 1133984 | 2010-09-02 10:32:00 | Agreed! Me too! |
KarameaDave (15222) | ||
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