pay yourself first (4)

the following was first posted on february 12, 2011:

if u have visited my blog and read my blog entry on february 06, 2011, u will probably come to the conclusion (like i have) as to why on earth would any financial adviser recommend a yearly renewable term plan for the long term and in the example given, till the prospect attaining age 75. and i still can not fathom why there is no additional layer of protection added to the term plan in the form of an enhanced waiver of premium rider.

mind u, we are talking about paying mega bucks should my prospect decide to 'hang-on' to his term plan for the long haul. and for just plain vanilla death and total and permanent disability coverage, surely the question arises as to whether doing so is 'loco' in terms of forking out $68,622.00 or from my recommendations with just $23,868.00 or $25,043.20 (with the enhanced waiver of premium benefit).

note: 'loco' in spanish means crazy.

my comments:

therefore, even if u belong to the 'buy term and invest the rest' camp, surely the importance of engaging the right financial adviser is still paramount before signing on the dotted lines.

the latter is even more significant as term products are practically almost universally available from almost all insurers and pricing can be as different as night and day or even chalk and cheese.

this is the latest development:

after trying to reach this prospect (believe u me, it was really difficult), i finally managed to talk to him today. the opposite was true when he was readily available to meet-up with me.

from the tone of his voice, i could tell he waa in no mood to talk to me and after muttering a curt 'don't call me, i'll call u', he abruptly ended our teleconversation.

my comments:

i seem to have a knack for being 'picked-on' and doing pro bono work or what i term as national service and my gut tells me this prospect belongs to the same category or what the world classifies as 'free-loaders'.

well, like the americans would say, that's the way the cookie crumbles.