When studying the insurance business at home one evening, reading Consumer Reports magazine, I ran across a shocking article about life-insurance. I ordered their two-dollar paperback book explaining the life-insurance industry in detail. It explained how the companies, in selling cash-value (money-back "investment" type) policies, load the actual price of actual life-insurance (term insurance) with substantial overcharges subject to their "
funny banking rules.
If you want to have existing life-insurance coverage reviewed, or need to purchase low-cost term life-insurance, or would like accurate annuity information (deliberately confusing), or need a recommended attorney to draft or to review a Revocable Living Trust, or like to find for yourself, son, daughter, or grand-child, an insured flexible-payment tax-deferred financial accumulation account THAT WILL NEVER GO BACKWARDS, give me a call at (941) 545-3600.
The easiest to understand explanation that I found of the life insurance industry's profitable scheme was in Chapter #13 of Venita Van Caspel's popular 1975 book, Money Dynamics. The title of that chapter in her book's first edition contains the word FRAUD, a word that was changed, for unknown reasons, in subsequent editions to DILEMMA.
I built in Worthington, Ohio one of the largest personal lines agencies in the country with two other offices in Columbus, three general agents, and more than thirty licensed agents that I trained in bi-weekly seminars and on appointments. For a number of years I gave seminars twice a week (Tuesday evening and Saturday morning) that persons interested in their own family's finances and/or in a worthwhile personal career were welcome to attend.
After writing programs for Texas Instrument's TI-59 programmable calculator and attached thermal printer, using the term life insurance rates for a number of term insurance carriers, I wrote Financial Recovery. To understand why I dedicated Financial Recovery to the late Senator Philip Hart, read its Introduction.
My book, advertised in Life Insurance Selling magazine, was directed to licensed agents for their information and enlightenment, not to the general public as has been done for years by dozens of previous authors (see its bibliography). Financial Recovery had a major effect on the Life Insurance industry.
Taking the time to study and be examined, I obtained FINRA's Series-65, permitting me to work as a fee-paid fiduciary financial advisor. I dislike the label "fiduciary". It defines one who abides strictly by the "golden rule" when dealing with others financially. That is a condition involving considerable hypocrisy, I discovered, on the part of certain RIA's (registered investment advisors).
It would be nice to think that this problem vanished with the change from the old agency marketing structure to today's independent agents. Quite the contrary. It is not only agents for the life insurance companies who are pushing the sale of cash-value policies. Today many "fiduciaries" and registered investment advisors with whom I will not work are aggressively selling Universal Life Insurance, a high-commission cash-value product. Check it out by examining #93, #94, #95, #96, and #97, on our bibliography of the industry and don't be surprised, given the history of the industry that promotes it.
I love living in Sarasota despite major changes made since I arrived in 1986. In 2010 I was a founding member of our excellent local classical music station, WSMR.ORG (that can be listened to, streaming online, anywhere in the world). I have been on the Faculty Advisory Committee of Manatee Technical College, a member of the Sarasota Sailing Squadron. I'm a member of Sarasota's Senior Friendship Center and have been a member at HealthFit, a facility owned by Sarasota Memorial Hospital, since it opened. I value acquaintances met when visiting both facilities. In excellent health myself, I was a competitive swimmer in high-school and college and love to swim strenuously several times a week.
I have designed a well planned venture, the huge financial potential of which I hope some bright person or two will grasp as clearly as I, and team up with me to execute, generating again hundreds of thousands of dollars. Doing it this time nationally will produce millions. If you wish to schedule an appointmet feel free to give me a call at (941) 545-3600.
I have posted online a huge problem for families, in addition to life-insurance scams, that I have studied over the years and even experienced myself. It involves lawyers (surprised?). Billions of dollars in family assets are siphoned off by tricky lawyers in a process called "probate" instead of being passed on to surviving spouses, children, and charities, as intended by the deceased person who had a "will" prepared, or who paid for a trust that (oddly?) turned out to be legally defective.
You can buy a small (70 page) book at Amazon titled "Estate Planning Basics" by Jeffrey Marsocci. Written by a guy who calls himself "The Plain English Attorney", it is a simple, plain English guide to estate planning concepts. I have copies in my office because, in my view, it does the very best job of explaining for us all otherwise complex legal jargon and steers us away from lawyer minefields.
In an online search one will find hundreds of pages about living trusts, most of which are quite accurate. That does not mean the legal profession does the job properly, as I learned through personal experience. Honest lawyers with whom I deal tell me that a huge percentage of trusts that they review were improperly prepared. A great many are never even funded! Should a non-lawyer broach this subject to a customer the profession defends itself by threatening to levy a charge of illegally practicing law (UPL - the unlicensed practice of law). This feature of the estate-planning (wills and trusts) legal profession has been referred to by honorable lawyers as a multi-billion dollar racket.
The website I have written on this subject is ReplaceProbate.com. Many persons are surprised to learn that having an appropriate revocable living trust economically prepared does more than simply address the eventual probate issue. It provides families with very important living benefits as well.
Probate is a system that is supposed to ensure that a dead person's debts and taxes are paid, that his will is valid, and that his estate will go to those named in his will. Ralph Nader (himself a lawyer) described probate as "the screwing of the average corpse." I refer persons to selected attorneys, in Florida or in their own state, if possible, to handle their needs.
END - Feb. 1, 2024