Update Season X - "It's beginning to look a lot like Christmas Vol. I."

[King]

What if Bushie has left his life insurance policy to his "Kenyan children" and is on this suicidal lifestyle to save them by insuring a quick demise?

Sounds like the proper ending for a series as thematically complex as Update.

[Queen Mum Inks.LWC]

Jeff, at what age do you plan on getting married?

[Queen Mum Inks.LWC]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

[Joe Biden 2020]

Jeff, at what age do you plan on getting married?

I'd like to get married soon, so I can't really plan on an age.  That's something God knows and I don't.

[Joe Biden 2020]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

[King]

The life insurance information added some nice depth as a scene, but it's testing my patience as a subplot.

[Torie]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

Yes, you have to present value everything. A dollar out now is worth more than a dollar received 15 years from now. I make no financial decision myself without doing a present value analysis, using a discount rate appropriate for the risk involved in the investment. Otherwise, it's like flying an unpressurized plane at night in a storm over the Himalayas without instruments.

I did this sort of thing when deciding when to start taking social security. It turns out that by waiting, and factoring in appropriate actuarial assumptions, I can make about an 8% annualized return on each dollar I forego receiving between age 62 and age 70, with essentially no risk.  That makes waiting worthwhile.

[Queen Mum Inks.LWC]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

Yes, you have to present value everything. A dollar out now is worth more than a dollar received 15 years from now. I make no financial decision myself without doing a present value analysis, using a discount rate appropriate for the risk involved in the investment. Otherwise, it's like flying an unpressurized plane at night in a storm over the Himalayas without instruments.

I did this sort of thing when deciding when to start taking social security. It turns out that by waiting, and factoring in appropriate actuarial assumptions, I can make about an 8% annualized return on each dollar I forego receiving between age 62 and age 70, with essentially no risk.  That makes waiting worthwhile.

Right, although the only real factor in Bushie's discount rate would be inflation, since I don't see him doing any investing (even CDs... the man has no money). My calculations were simply to illustrate a general point.

[Queen Mum Inks.LWC]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

Then how could you know that buying life insurance (or rather that policy) was a good idea?

[Joe Biden 2020]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

Then how could you know that buying life insurance (or rather that policy) was a good idea?

I think my estimate was high, but the fact is nobody knows when they will pass, so speaking as a former life insurance agent, I believe everybody regardless of age (and medical condition, mind you) should have some form of life insurance.  All the way from infants to children to teenagers to adults to the eldest among us.  I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

To further and more directly answer your question.  I was a life insurance agent and a salesman.  At the time I wanted to buy the product I was selling for myself so I could relate to the customer's position and concerns.  If I were a water filtration salesman for instance, I would want to buy a water filtration system for myself so I can tell customers from first hand knowledge how it works, not just how a book says it should work.  I know they're not the same thing, but the concept is, at least in my mind.

[King]

so speaking as a former life insurance agent

Yes, yes, I would like to buy some of this insurance for former lives.

I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

A pre-existing life is pretty common, no?

[Queen Mum Inks.LWC]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

Then how could you know that buying life insurance (or rather that policy) was a good idea?

I think my estimate was high, but the fact is nobody knows when they will pass, so speaking as a former life insurance agent, I believe everybody regardless of age (and medical condition, mind you) should have some form of life insurance.  All the way from infants to children to teenagers to adults to the eldest among us.  I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

No; not everyone should have some form of life insurance.  And applying the pre-existing clause in the ACA would not work for life insurance unless you mandated that everyone buy life insurance, and that would be STUPID, because while people without health insurance will pass costs on to the insured when they go to the hospital, not everyone who dies passes costs on to society when they die.  At most, those costs are passed on to the person's family for their funeral.  The absolute stupidity of this post is amazing... I mean are you frakking serious, man?  I knew you were financially less-than-knowledgeable, but it seems that your job of selling life insurance actually made you MORE financially stupid for lack of a better term.

[Joe Biden 2020]

so speaking as a former life insurance agent

Yes, yes, I would like to buy some of this insurance for former lives.

I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

A pre-existing life is pretty common, no?

I meant pre-existing condition.  I just assumed everyone would know what I was talking about in regards to the ACA (ObamaCare).

[Joe Biden 2020]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

Then how could you know that buying life insurance (or rather that policy) was a good idea?

I think my estimate was high, but the fact is nobody knows when they will pass, so speaking as a former life insurance agent, I believe everybody regardless of age (and medical condition, mind you) should have some form of life insurance.  All the way from infants to children to teenagers to adults to the eldest among us.  I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

No; not everyone should have some form of life insurance.  And applying the pre-existing clause in the ACA would not work for life insurance unless you mandated that everyone buy life insurance, and that would be STUPID, because while people without health insurance will pass costs on to the insured when they go to the hospital, not everyone who dies passes costs on to society when they die.  At most, those costs are passed on to the person's family for their funeral.  The absolute stupidity of this post is amazing... I mean are you frakking serious, man?  I knew you were financially less-than-knowledgeable, but it seems that your job of selling life insurance actually made you MORE financially stupid for lack of a better term.

Wow, calm down, man.  I was explaining my view and I get attacked and called financially stupid?  Sheesh.

[Joe Biden 2020]

Of course, the pre-existing clause could not be universally appiied to life, but I believe that no one, and I mean no one, should be denied life insurance because of a pre-existing condition.  That almost seems cruel to the applicant.

[King]

Of course, the pre-existing clause could not be universally appiied to life, but I believe that no one, and I mean no one, should be denied life insurance because of a pre-existing condition.  That almost seems cruel to the applicant.

Nobody is denied life insurance.  There are basic $10,000 funeral expense life insurance packages for the unhealthy.  I don't believe dying people should have the right to take out a $1,000,000 policy when they have 8 months to live.

[Queen Mum Inks.LWC]

The interesting thing is that if Bushie's actually believes his death probability numbers are real, that's probably why he think his policy is so great.  At a 35% chance of death in his 30 years after purchasing a 30-term life insurance policy, if you ignore inflation and potential gains from investment (the former assumption is faulty but the latter is not, considering who we're talking about), he should actually be willing to pay anything under $194/month for a $200,000 policy.

The probability is probably less than I said, it was just a stab in the dark.  That, too, is something that is really impossible to predict at any age.

Then how could you know that buying life insurance (or rather that policy) was a good idea?

I think my estimate was high, but the fact is nobody knows when they will pass, so speaking as a former life insurance agent, I believe everybody regardless of age (and medical condition, mind you) should have some form of life insurance.  All the way from infants to children to teenagers to adults to the eldest among us.  I really like the pre-existing clause in the ACA, now my wish and my hope is for it to be applied to life insurance as well.

No; not everyone should have some form of life insurance.  And applying the pre-existing clause in the ACA would not work for life insurance unless you mandated that everyone buy life insurance, and that would be STUPID, because while people without health insurance will pass costs on to the insured when they go to the hospital, not everyone who dies passes costs on to society when they die.  At most, those costs are passed on to the person's family for their funeral.  The absolute stupidity of this post is amazing... I mean are you frakking serious, man?  I knew you were financially less-than-knowledgeable, but it seems that your job of selling life insurance actually made you MORE financially stupid for lack of a better term.

Wow, calm down, man.  I was explaining my view and I get attacked and called financially stupid?  Sheesh.

Jeff, you are the first person I have ever heard say that everyone should buy life insurance.   I'm sorry; you are not a former insurance agent; you are someone who was tricked into believing a scam coming from an MLM (at least if they told you that everyone should buy life insurance).  This is exactly why I said you shouldn't be a voting member at business meetings.  Not only do you lack a basic understanding of financial principles, but the things that you do "know" are so grossly incorrect that they are actually harmful.

[Grumpier Than Uncle Joe]

As a real licensed (Bushie wasn't licensed) insurance broker for 31 years, I'm enjoying the words of the lifescam agent, Inks.  Please let him continue.

[Joe Biden 2020]

I wish there were packages that have "as much as necessary" clause, just enough to cover the cost of the funeral and pay off the bills and debts of the deceased, within a reasonable limit.  I don't like the idea of half million dollar policies, myself, and if I had my choice today I would choose a $75K policy.  I just want enough to pay my funeral and burial costs and pay off my debt.  Death should not be a financial burden on the family, but it should also not be a financial windfall either.

[King]

I wish there were packages that have "as much as necessary" clause, just enough to cover the cost of the funeral and pay off the bills and debts of the deceased, within a reasonable limit.  I don't like the idea of half million dollar policies, myself, and if I had my choice today I would choose a $75K policy.  I just want enough to pay my funeral and burial costs and pay off my debt.  Death should not be a financial burden on the family, but it should also not be a financial windfall either.

Not blowing all your family's money on scam insurances, porn, and bogus trips should cover the cost of a funeral.

[Queen Mum Inks.LWC]

Of course, the pre-existing clause could not be universally appiied to life, but I believe that no one, and I mean no one, should be denied life insurance because of a pre-existing condition.  That almost seems cruel to the applicant.

Nobody is denied life insurance.  There are basic $10,000 funeral expense life insurance packages for the unhealthy.  I don't believe dying people should have the right to take out a $1,000,000 policy when they have 8 months to live.

Exactly.  People shouldn't be able to be on their deathbeds and just whip up terms to whatever policy they want.  But there are always going to be companies who offer insurance without medical exams, etc.

I wish there were packages that have "as much as necessary" clause, just enough to cover the cost of the funeral and pay off the bills and debts of the deceased, within a reasonable limit.  I don't like the idea of half million dollar policies, myself, and if I had my choice today I would choose a $75K policy.  I just want enough to pay my funeral and burial costs and pay off my debt.  Death should not be a financial burden on the family, but it should also not be a financial windfall either.

Most companies don't force you into a $500,000 policy.  And what debts do you have that are going to survive death?  Or did your parents cosign on a bunch of stuff?

[Queen Mum Inks.LWC]

As a real licensed (Bushie wasn't licensed) insurance broker for 31 years, I'm enjoying the words of the lifescam agent, Inks.  Please let him continue.

FWIW, I think I recall him saying that he was licensed.

[LastVoter]

A big life insurance is a good strat move for Bushie's parents, considering his condition.

[Joe Biden 2020]

As a real licensed (Bushie wasn't licensed) insurance broker for 31 years, I'm enjoying the words of the lifescam agent, Inks.  Please let him continue.

Actually, I held my actual life, accident, and health license for two years.  I got it in 2006, and let it expire in 2008 without renewing it.  You can call the Oklahoma Insurance Commission and check for yourself.

Inks, Primerica is owned by Citi Group.  They are a legitimate company that sells real life insurance policies and with an extra license, securities.  Their hierarchy is a Regional Vice President, Division Leader, District Leader, Represenative, Unlicensed Representative.  The company is recognized by the Oklahoma Insurance Commission as a legitimate company and my license was just as valid as those from let's say, Farmers or State Farm.  I know quite a bit about finances.  My leaders taught me well.  I am not dumb or naïve on finances.  I have all the right in the world to vote in business meetings.  I am just as competent as the next person.

[King]

As a real licensed (Bushie wasn't licensed) insurance broker for 31 years, I'm enjoying the words of the lifescam agent, Inks.  Please let him continue.

FWIW, I think I recall him saying that he was licensed.

So he's a licensed insurance broker with a bachelor's degree and he still needs to do CADD to find a job better than Subway?

Lovely.