Norman F. Dacey
1 This book is brilliant!
Buy this book and prevent getting ripped off by life insurance salespeople. Dacey spells it out simply and beautifully, most of us need to buy term life insurance and invest the difference. Unfortunately, life insurance salespeople make buckets and buckets of money by selling products like whole or universal (any investment-type) life insurance. This book should be required reading for anyone about to buy life insurance, or those with life insurance policies in place.
2 Don't be a fool!
First of all, this is not the only idiot who recommends buying term insurance. I've read several books and analyzed several different ways to buy life insurance. I am a professional investor and have created millions of dollars of wealth. My whole life insurance is my best investment. The book talks about term, fixed universal, and variable universal, in which are all poor investments. With those types you will only win if you die prematurely. Not much to look forward to. The facts are less than 1 percent of all term insurance policies ever pay a claim. "Maybe why it's so cheap." Fixed universal and variable universal is like buying term and investing the difference! You will loose BIGTIME! Life insurance is most important during the distribution phase of your money, or retirement. If you are healthy enough to qualify for life insurance than you have a less than 1 percent chance of dying before 65. "Don't waste your money on term." On the other hand, you have a 100 percent chance of dying after 65. There's only one question, when? If I structure a guaranteed whole life insurance policy to equal my assets at retirement I can spend my retirement savings the way I want. "It doesn't matter when I die when I have enough whole life, I can spend my money how I want." The benefits of term = premature death. The benefits of whole life = premature death, cash value, tax deferred, protect against creditors, line of credit, disability, guarantee return, dividends, increasing death benefit, guaranteed death benefit forever. "I will win the game." I will get to spend all of my assets before I die and will never disinherit my family at death. I pay very high premiums to my whole life policies and I am reaping the benefits. You can do the same! Don't listen to amateurs who tell you to buy term and invest the difference or to buy universal or variable life!!! Get a good solid whole life insurance policy with a high rated mutual company. You will not be disappointed.
3 You'd Be Surprised
If you have ever wondered about life insurance and all of the goods and bads about it, this is most difintely the book for you to get. You'd be surprised as to who recommended me this book. My RVP. And what is it that i do. I help people figure out if their life insurance is actually the one for them, if not, I find something better for them perhaps. This book was one of the required materials for all interns to read and follow by. By all means, not all insurance salesmen, and woman, fear this book, some actually live and sell by it. Overall, it's a great book. It opens your eyes to the reality of the insurance business!
4 The BIBLE of Life Insurance Product Knowledge
For anyone concerned about the vast array of life insurance products, Dacey is right on target about the way cash value and term life insurances work. His analyses are timeless, because the products are constructed the same today as when he originally wrote the book. "There is nothing new under the sun . . . ."
Despite the ever-changing assortment of "titles" the cash value industry puts on its policies, the fundamentals are the same, always have been, always will be: as you get older, the risk of dying and the cost of insurance increases; if you don't increase the premium with time, or create the correct level premium from day one, the product is most likely to collapse at some point in the future when you can least afford that event (AKA: Universal Life -- see the "guaranteed" column in your policy's illustration pages, not the "based on current assumptions" column), because "current assumptions" that create initial premiums are artificial -- there can be no guarantee that they will remain the same into the future (and most never do).
Buy AND READ this book--all of it!!--to get a thorough working knowledge of the industry, its products, and understand your true need for INCOME PROTECTION, not LIFE INSURANCE that your cash value life agent wants to sell you. Do business with someone who also understands and believes in Dacey's "buy term and invest the difference" concept. They're out there!!
5 Real AMMO for your next talk with an insurance salesman
Yes, this book is an idealogical tirade against the concept of permanent insurance and the companies that have pushed it for years. But it also presents tremendous amounts of interesting factual information. This book will get you asking the questions that really matter:
1) How could anybody pretend to insure me permanently against the most certain event in life--DEATH?
2) Why should I need insurance after I retire?
3) Why and when do I really need insurance?
Yes. This book will make you spit bullets. Your Grandpa and your life insurance salesman friends will not like this book. Try to be understanding of them. They have been trained to think buying insurance is like buying a car; why would anybody want to lease when he could buy? But if you have read and agreed to "The Millionaire Next Door," you will agree that you have little need for permanent life insurance.
6 A MUST READ for anyone who's planning to buy life insurance!
This text smashes the myths put forth by the big life insurance companies about how life insurance REALLY works! If you are planning on protecting your family's well being through the purchase of a life insurance policy, READ THIS BOOK FIRST! If you already OWN a life insurance policy, this text will REALLY open your eyes. (not to mention, probably get you VERY angry!) You will save yourself a LOT more then the purchase price of this book. I guarantee it!
7 Incredible Statics of How "MOST" Ins. Cos. Rape the Consumer
This book should be MUST reading by anyone who is considering entering the field of Insurance and a career. Jim F. Lexington, KY
8 great!
The only people who won't like this book are cash value life insurance agents. Why would any right-minded customer dissapprove of a book dedicated to entertainingly informing them of how much "cash value" life insurance policies are probably the dumbest thing they could buy.
9 Dacey lacks real knowledge about the subject.
Norman Dacey is forty years behind the times. He is not knowledgeable. He is terribly biased.In this book Dacey hides his real purpose for about three hundred pages. Then the reader discovers that the author was actually a mutual funds salesman for forty years. His information is outdated and has no significance with current products. He erroneous compares old whole life plans with current term premiums. He selects alternate methods of self-insurance based on an historical look at what happened. His thoughs center on what if scenarios rather than on reality.
10 Read this BEFORE being sold any life insurance
This is the best plain language book I have ever read about life insurance. The novice buyer will know exactly the difference between the various policies. Whole life, Universal life Variable life and Term life. Once you have read this book you will never again by a cash value policy. Some other books that are a great companion to this are " How your insurance policies rob you" and " The wealthy Barber"
11 A thorough investigation of the Term vs Cash Value debate
Did you ever think that a book on LIFE INSURANCE would ever be fun to read and informative at the same time? Norman Dacey accomplishes this in a MUST-READ for any consumer.
p.s. Your insurance agent might have a much less favorable opinion of this book.
