cdr46, you asked:<< TTRoberts you don't know my background! My background for your information is Professional. I am 55 years old and RETIRED. How old are you? >>Since you seem to be so interested, you're OLDER than I am . . . . if that gives you any satisfaction. ;-) I'm only 54, and I do receive my AARP subscription. <grin> And as far as being “retired” . . . I don't HAVE to work. But I continue and will continue to work at my profession as long as I am physically and mentally able to because I love the work that I do for people. If you can accept the concept that being retired can mean not needing to work and working whenever you want and doing whatever you want when you want to . . . then you can say that I'm retired too. << You seem to be still WORKING for a living...hmmm. >>I guess one could say that if they want to. I still produce earned income . . . . YES, through commissions AND through fees.<< You criticize me for using the word "confiscate" instead of "collect". >>cdr46, you seem to be trying to bring this to a personal level. Let me assure you that I am clearly aware that I don't know you nor do I know your background. That is exactly why I DON'T “attack” you as you say that I do and why I DON'T “criticize” you. What I do is “attack” some of the things you've written and/or “criticize” what you've written when it's inappropriate and/or inaccurate. Now if you take what I say about what you've written in a personal way, I can't help that. You can take it any way you like. What you need to realize is that what I'm writing is coming directly from an expert source . . . me. That doesn't mean I know EVERYTHING nor that I am necessarily right ALL the time nor that I NEVER make a mistake. But that's true for ANYONE, isn't it? Cdr46, I started in the insurance industry a little over 25 years ago and have worked for direct writing companies (on the commercial property side of insurance) and well as a independent agent/broker. At one time I studied and provided Risk Management consulting services to companies (not related to the sale of insurance). Throughout my carrier I've been a student of insurance (not just life insurance). I am still licensed for P&C, Life, Health, Disability, LTC, and am also securities licensed. I am NOT tied to or associated with ANY particular insurance company as I maintain arms length relationship to insurance companies. To maintain those licenses I'm required to take continuing education where I always try to take courses that address my weaker areas of knowledge. As a “professional” and though an expert, I continue to be a student of insurance (not just life insurance . . .more along the line of risk management and insurance tax issues).So now you have some idea of some of my “Professional” background. You have a “Professional” background? Just what is some of that background?Cdr46, << TTRoberts writes:"This is a VERY basic point and certainly NOT one to be concerned with. After all, taking out loans is allowing you to use some of the policy's cash reserves BEFORE you die. Right?"Oh really! If dollar103 original purpose of contracting for this policy was for the life insurance coverage, taking out a loan negates the death benefit by the amount of the loan or more. If dollar103 had purchased a term policy and INVESTED in a separate account owned and controlled by them and not the insurance company she would not find herself in the humiliating position of having to BORROW AT INTEREST her own money or explaining her family's dire financial condition to a salesman. >>Yes REALLY. This person is apparently in a current situation where it's the PRESENT that important. Not what happened way back when or something that might be way into the future. The needs are NOW! This use of such a policy for an emergency situation like this is exactly one of the reasons one buys such a policy. Using the cash reserves of the policy as collateral for a loan IS NOT borrowing “her own money”. That sir, is a statement that reveals ignorance as to how the reserves of a life insurance policy is actually used. And I must add that borrowing from the insurance company though one's life insurance policy and explaining one's financial situation to a trusted advisor is FAR less humiliating that going to a bank or credit union to get a loan for money you need in such a situation. Apparently you are just assuming that the person who sold this policy is JUST a “salesman”. You keep making unfounded assumptions in specific situations, which I find objectionable.<< Interesting that someone would attack with such venom someone who is just urging someone who has asked for help to proceed with caution after doing much needed homework. >>I reiterate, I am NOT “attacking” you . . . only the things you've written. You were doing a LOT more than just suggesting “to proceed with caution after doing much needed homework”. If that was all that you were saying, I would have agreed and had nothing to add and would have felt compelled to respond. Also, if you'd get your facts straight, there wouldn't be any need for any expert sources to respond.BTW: Carl Sagan is one of my favorite scientists, but not particularly a favorite philosopher. Note Proverbs 12:1 Whoso loveth instruction loveth knowledge: but he that hateth reproof is brutish.
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