My goodness icclearly, that is a problem that you need to work out with your financial counsellor or trust advisor, not here on FR. Many of them think that life insurance is the cat's meow, but I think they can help you maximize your profits without insurance.
I'm an attorney and I'm doing fine without any insurance. But I believe in the market system free from government interference and I believe it is reasonable to expect God to help and profit me.
It helps to have faith in God rather than faith in man (which actually derives from fear).
“My goodness icclearly, that is a problem that you need to work out with your financial counsellor or trust advisor...”
Yes. My attorney created my family trust.
I think we probably agree more than we disagree. I absolutely believe our country is headed toward a cliff. And, history supports it. If we are here in the year 2030 (probably sooner) and look back, I’m not sure we will recognize what we see as a country today. In fact, it’s hard to look back 10 years and say we’re still the same country!
Think of it like the flappers (about 80+ years ago) who thought the ‘20s would last forever or the families in early 1941 who thought we had overcome the great depression only to see a world war of great proportions; or think about the people in January of 1861 (a little less than 80 years before 1929) who thought the good times would last forever only to see us kill ourselves at a rate never before seen in history. Or even the citizens of the Crown in what is now the U.S. in early 1775 (about 80 years before the civil war). Notice the time frames. Not exactly 80 years, but an average of about 80 years (normal human life span).
I like a modified version of my favorite president’s quote, “trust but verify.” My version is “doubt but verify.”
Where we probably disagree is on the subject of insurance. I look at insurance like buying a futures contract. in 1998 my business was booming and I wanted to lock in my future earnings with the belief that nothing lasts forever. I loaded up on term and convertible term life. Then about 13 years later at age 69 I was diagnosed with cancer and kidney failure. That was the end of my buying any insurance for the remainder of my life. I have kept that insurance and in retrospect, it was the best decision I could ever have made.
I put my head on my pillow every night knowing that my family will not be on the street or be responsible for debts if I don’t wake up the next morning. To me, that is worth every penny I pay to the profitable insurance companies.
God helps those who help themselves. He sure has me!
There are many good reasons to own insurance even if the insurance companies do make a nice profit. It is a win-win!
No one (and I mean no one) is guaranteed anything but their current breath — no matter how smart you may think you are or what you have accomplished in life (unless you are in the league of Elon Musk, Jeff Bezos, etc). Insurance is a lock on your future income and thank goodness it is there for many of us!