Thanks to the internet, information on every subject known to humanity is available with a few clicks of the mouse and a good search engine. Fifteen years ago there was no such thing as a google search. Today, it’s a verb that is used routinely in lay conversation! Don’t know about the nutritional value of some fish found only in the Amazon River? No problem just Google it! There will be thousands of sites with “information” on the subjec. But, as so many of us have found in our educated lives, not all Google posts are completely accurate and many are out right wrong, incorrect and misleading.
Such is condition of the “Fact’s of Life (insurance)” –
A point in fact- While working on a book about the importance of reviewing and monitoring permanent life insurance products, a researcher came up with this to put into the book “…of course whole life premiums will go up in the future if you buy it now”. Nothing could be more wrong! One reason informed buyers of whole life do so is because of the fact that premiums are guaranteed by the insurance company to NOT go up in the future! This makes the ownership of the product valuable in the unknown future: a 45 year old owns age 45 year old premium whole life and at 75, is still paying age 45 premiums. Locking in the lower age premium is just one benefit of whole life insurance.
However, her research was done on the internet and this is the sort of misinformation that my book is attempting to clarify. There are many more examples of misinformation in the world that Boomers and Seniors need to know in making decisions about their financial future. The landscape is changing constantly. Assumptions that we “know are true” suddenly become false. The need for guidance and professional advice is needed more than ever regarding this new era of Boomer Retirement. Products are changing For instance: some life insurance policies pay for chronic illness; The assumed interest rates of just 5 to 7 years ago haven’t been realized and products performance based on the assumed interest rate are not meeting with expectations; tax rates are increasing;the stock market has greater volatility; health care costs are high, to say the least; our life expectancy is increasing.
The importance is that time is uni-directional and there is no turning back, A woman at age 78 whose husband died three years ago, can’t go get a job to make up for lost income. Making a bad decision today rarely can be fixed at age 75 or 93. Likewise, good decisions, managed affairs, frequent reviews with the facts in hand, afford us with the best course to take each step of the way.
Be sure the “Get the facts! Or the Facts will get you!”