保险不是储蓄

[OrangeJuice]

当保险经纪推销不同保险计划时, 要是他们告诉你买保险可以储钱的话, 千万不可以信。保险是保险, 储钱是储钱, 投资是投资, 千万不要被骗。你必须计算清楚。

不要完全相信保险经纪。

 

[dkwan]

well.... I don't fully agree with your statements.
Say, an lady is 63 years old, want to leave some money for her estates. Her income is like 2000 every month, from CPP, with no other savings.
She got an universal life of face amount of 200,000 with 400/month payment.
A 400/month saving requires 41 years (assume no interest) to saved up; or
20 years with 6.5% ROI.

So, the purpose of the lady is to save money. So, the insurance served the purpose as savings.

 

[ohh]

well.... I don't fully agree with your statements.
Say, an lady is 63 years old, want to leave some money for her estates. Her income is like 2000 every month, from CPP, with no other savings.
She got an universal life of face amount of 200,000 with 400/month payment.
A 400/month saving requires 41 years (assume no interest) to saved up; or
20 years with 6.5% ROI.

So, the purpose of the lady is to save money. So, the insurance served the purpose as savings.

First of all, not everybody is eligible to be insured at the age of 63.

Secondly, life expectancy of Canadian women is 83 according to BBC news dated on Jan 10/2010. (http://news.bbc.co.uk/2/hi/americas/country_profiles/1198865.stm)

Thirdly, this old lady may need money at any point of time. If she purchases insurance, she can only access her money when she dead. But, does she need money after she dead?

For saving? No, Thanks.
For insurance, yes, maybe.

 

[苦逼热狗]

TFSA, RRSP investment(Mutual Funds, GIC, Bond) and small withdraw (as long as it below the minimal income cut-off line) after retirement are the best options to seniors

 

[OrangeJuice]

well.... I don't fully agree with your statements.
Say, an lady is 63 years old, want to leave some money for her estates. Her income is like 2000 every month, from CPP, with no other savings.
She got an universal life of face amount of 200,000 with 400/month payment.
A 400/month saving requires 41 years (assume no interest) to saved up; or
20 years with 6.5% ROI.

So, the purpose of the lady is to save money. So, the insurance served the purpose as savings.

Can't understand why people want to leave money for their children instead of spending the money for themselves. People work hard all their life only to leave the money for children. Can't really understand the logic.

I tell you. The minute you die, your children will really know how to "enjoy" the money you leave behind for them.

While you are alive, enjoy the money yourself. If you want insurance, just buy the cheapest insurance plan for protectioin. Buying expensive insurnace as saving will be a loss to your savings.

Don't get fooled by the beautiful marketing words such as "The plan helps you save money and give you insurance at the same time". Remember, insurance company is like the casino owner and you are the casino customers. If you die, insurance company loses. If you don't die, insurance company wins your monthly/yearly payment. They are in the business to make money, they know the odd.

If you don't have good health, they won't accept you as their customers. If you have good health, the odd becomes low and they are the winners. They make money from your monthly/yearly payment + the service charges (they can change the % if they are not doing good). When you receive the yearly statement from them, you will see many extra charges (they charge 2% or more management fee. Royal Bank wealth management charges 1.75%). Since you are in their plan already, they can charge or change the plan every time they want. This means that you are going to continue to give them money.

So, if you want insurance, just buy the basic one (i.e., the cheapest one) to cover your family for protection. To increase your wealth, invest your extra money in other plans.

Otherwise, you end up payment high fee to insurance company.

The insurance companies have all the MBA to calculate the formula and they will be the winners. They pay good commission to their insurance agents to get your money.

I heard that the most expensive insurance plan will give the highest commission to their agent. For example, if you sign up for the Universal Life insurance plan (instead of Term Insurance), the agent gets 75%-100% of your first year's insurance payment. For the subsequent years, the agent will get 4%-5% of the insurance payment until you stop the plan.

Therefore, the insurance agent will push you to go for Universal Life and they can enjoy their commission year after year.

When you think about this, you can understand why insurance agents make so much money. Of course, they have to be good at convincing people money to sign up for the insurance plan.

 

[dkwan]

I agree with what you have to say but there is no one situation fits us all.
You might not have beloved siblings or children you want to leave money to.
If the insurance is affordable, and provide some reliefs after the insured pass away, I don't see why not.
I understand the more complex plan the insurance is, the more commission the agent will received. The agent MUST disclose their commission of the product they're selling to you.

Universal Life and Term Life are 2 products, each serve different purpose.

 

[OrangeJuice]

保险公司提供的各种保险计划, 都经过精密计算，保险公司长远来说基本是立于不败之地；另有研究认为，投资其实也是赌博，因此赌场「法则」和赌徒心理也适用于投资市场。