Today we are going to Muse about what a bad deal. If this is your first visit, welcome to Musings. If you have been here before, welcome back. Over time we are going to talk about many things: the past, the present, perhaps the future, travel, art, society and more. Wherever my musing takes me. I hope you will come along with me.
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Dying to Know
Life Insurance. Bet you don’t give this much thought.
I bought my first policy when I was 23, a $10,000 Whole Life policy issued by New York Life Insurance Company. I still have it.
The policy cost $14 a month or $168 a year. Every year the amount it would pay, if I were to die, increased because of the dividends, or, if the dividends were applied against the premium, the annual cost went down. I could never live long enough to put in as much as it would pay if I died. I thought that was a pretty good deal.
Over the years I have used the policy when I was strapped for cash . . . took money out, put it back later. I still have this policy.
So, why am I am I musing about this today?
Well, in the mail recently came an offer for guaranteed acceptance (cannot be turned down) Whole Life insurance. You have probably seen similar offers. It was available to people ages of 45-80.
In my case it offered $10,000 of modified Whole Life insurance for $95.60 a month, or $1147.20 annually. In eight years and 8 months I would have paid $10,000 in premiums. Furthermore, it offered “modified” Whole Life, which meant that if death occurred by natural causes within two years of the policy being issued, it would not pay the face amount; it would return any premiums paid plus 10%.
So, for the first two years there is really no coverage, except for accidents. By the time there is full coverage I would have paid $2300 for $10,000. This is really a bad deal.
I am musing about this because you may be asked by a friend about this type of coverage, or you may yourself consider purchasing it. In my opinion, the only persons who should consider this are those in very poor health. If you are in reasonable health and want life insurance, contact an agent and go through the normal application process. If acceptable, you will likely find the policy is much more affordable and the coverage is better.
On a Different Topic
In 2015 we took an extended trip to and about Morocco. If you wish to read about it go to April 2015 in the Archives on the side bar. There are several musings and photos there. The trip has been cause for some inspiration.
Here are two of my most recent pieces.
More to come
Fine Art America, a Pixel.com company
Pixel.com is producing reproductions of my artwork. The work is available as traditional prints on canvas, paper or metal, but it also available on greeting cards, phone covers, tote bags, shower curtains, t-shirts and more. It makes for some very personalized gifts. Below is the link to the site. When you click on an image in the site, a menu of products will appear. I hope you like it.
CLICK ON: thomas-tribby.pixels.com
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