you get Richer as the Older You’ll Get - page 3.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: boumalo on May 08, 2014, 11:33:20 AM

I doubt she has more than 36% chance of dying before 75 and the money you gave us is worth more than the money you will get since you give it first

Agreed. Life expectancy in the Western world is currently going over the 80 mark, and for the women, it is even higher. For example, the average life expectancy in the UK is 81.0 according to the WHO in 2013. For the women, it is 82.5 years. And who knows, in the next two decades it can go over 85 years as well.

boumalo

legendary

Activity: 1918

Merit: 1018

It should be easier to get rich when you are young and poor because you are smarter, healthier, stronger, you are ready to work harder for less money and you are more likely to innovate but rules, laws and the state protect those you have at the detriment of those you haven't so the rich get richer and the poor have a harder time to become rich than they would have in a free society

counter

hero member

Activity: 798

Merit: 500

Time is on our side, yes it is!

Quote from: validium on May 07, 2014, 03:35:51 AM

As time goes by, the more experience you gain, the wiser you become.

Honestly I think the fact is if you put in the time in a particular field you will be paid better based on the experience you have acquired over time. This is why I'm sort of on the fence and don't see a simple answer to this question.

boumalo

legendary

Activity: 1918

Merit: 1018

Quote from: umair127 on May 08, 2014, 08:57:47 AM

Quote from: tins on May 07, 2014, 07:08:38 PM

Quote from: umair127 on May 07, 2014, 04:59:18 PM

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

In regards to life insurance: I'm not sure if you're just ignorant or trolling, but either way, I will educate you.
Insurance companies are for-profit businesses with a single goal...to make money for themselves and their shareholders. Some of the highest paid employees of any insurance company are the actuaries. They come out with actuarial tables giving the life expectancy for any particular person with any particular medical history (they are not legally able to make actuarial tables based on race or ethnicity). Insurance companies have access to the Medical Information Bureau and National Prescription database so that a consumer that "forgets" about something on their application, could be properly vetted. Insurance companies are also able to require an applicant to complete paramed exam up to a full physical as a condition of getting the coverage.
Everything is priced in when an insurance company makes a premium offer to the consumer. The insurance companies will make (roughly) the same profits off of a 30 year old, non-smoking, female as they would off of a 70 year old male smoker.
There is no such thing as pulling a fast one over on the insurance company (obviously I'm speaking in general, there will always be the occasional outlier).

ok so I did a quote just to show you that you dont know what your really talking, met life quote, Ill over ball it for you
so say my mom is 55 which is true, smoker yes, health is good. 20 year plan. Knowing my family history we die very young, so this is a gamble. Here we go ill over ball the quote to 150 Usd a month that Ill have to pay for her, for 100,000 return if she dies before the 20 years is up. again a gamble. so ill have to pay 36,000 USD over the course of those years. How are they making any money from that?

P.S dont call me a troll when you are also in a sig campaign

I doubt she has more than 36% chance of dying before 75 and the money you gave us is worth more than the money you will get since you give it first

Quote from: bryant.coleman on May 08, 2014, 06:28:56 AM

Quote from: boumalo on May 08, 2014, 05:36:24 AM

There are insurances companies in Singapore UAE HK but less government, less taxes and less action of the state on the market

Well... don't know much about the healthcare sector in UAE / Hong Kong, but I can say with confidence that the taxes in Singapore are at the same level as those in the US. The only difference is that the Singaporean government prevents the medical sector from getting too much exploitative.

Singapore has way more economic freedom; income tax in S ranges from 0 to 20% compared to 10 to 39.6% in the US and the marginal rates don't go up for way lower incomes in S

umair127

sr. member

Activity: 378

Merit: 250

Quote from: tins on May 07, 2014, 07:08:38 PM

Quote from: umair127 on May 07, 2014, 04:59:18 PM

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

In regards to life insurance: I'm not sure if you're just ignorant or trolling, but either way, I will educate you.
Insurance companies are for-profit businesses with a single goal...to make money for themselves and their shareholders. Some of the highest paid employees of any insurance company are the actuaries. They come out with actuarial tables giving the life expectancy for any particular person with any particular medical history (they are not legally able to make actuarial tables based on race or ethnicity). Insurance companies have access to the Medical Information Bureau and National Prescription database so that a consumer that "forgets" about something on their application, could be properly vetted. Insurance companies are also able to require an applicant to complete paramed exam up to a full physical as a condition of getting the coverage.
Everything is priced in when an insurance company makes a premium offer to the consumer. The insurance companies will make (roughly) the same profits off of a 30 year old, non-smoking, female as they would off of a 70 year old male smoker.
There is no such thing as pulling a fast one over on the insurance company (obviously I'm speaking in general, there will always be the occasional outlier).

ok so I did a quote just to show you that you dont know what your really talking, met life quote, Ill over ball it for you
so say my mom is 55 which is true, smoker yes, health is good. 20 year plan. Knowing my family history we die very young, so this is a gamble. Here we go ill over ball the quote to 150 Usd a month that Ill have to pay for her, for 100,000 return if she dies before the 20 years is up. again a gamble. so ill have to pay 36,000 USD over the course of those years. How are they making any money from that?

P.S dont call me a troll when you are also in a sig campaign

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: boumalo on May 08, 2014, 05:36:24 AM

There are insurances companies in Singapore UAE HK but less government, less taxes and less action of the state on the market

Well... don't know much about the healthcare sector in UAE / Hong Kong, but I can say with confidence that the taxes in Singapore are at the same level as those in the US. The only difference is that the Singaporean government prevents the medical sector from getting too much exploitative.

boumalo

legendary

Activity: 1918

Merit: 1018

Quote from: bryant.coleman on May 07, 2014, 09:54:00 PM

Quote from: boumalo on May 07, 2014, 02:45:26 PM

Buffet made a lot of money with his investments in the insurance business
I heard so many negative stories about insurance companies trying to steal my friends that I don't trust them much

Compare the average annual medical costs in the US / EU with those in Singapore / UAE / Hong Kong.etc. There is no difference in quality, but the former is almost 5 times more expensive than the latter. And the primary reason is those insurance companies.

There are insurances companies in Singapore UAE HK but less government, less taxes and less action of the state on the market

When the state intervenes the prices always go up, we saw that for the university tuition costs as well

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: boumalo on May 07, 2014, 02:45:26 PM

Buffet made a lot of money with his investments in the insurance business
I heard so many negative stories about insurance companies trying to steal my friends that I don't trust them much

Compare the average annual medical costs in the US / EU with those in Singapore / UAE / Hong Kong.etc. There is no difference in quality, but the former is almost 5 times more expensive than the latter. And the primary reason is those insurance companies.

johnmatrix

sr. member

Activity: 371

Merit: 250

It should be that way but sometimes the older you get the less money you have as an income.. probably as an entrepeneur yeah more older you get more experience you have and u make more money

tins

hero member

Activity: 882

Merit: 500

Quote from: umair127 on May 07, 2014, 04:59:18 PM

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

In regards to life insurance: I'm not sure if you're just ignorant or trolling, but either way, I will educate you.
Insurance companies are for-profit businesses with a single goal...to make money for themselves and their shareholders. Some of the highest paid employees of any insurance company are the actuaries. They come out with actuarial tables giving the life expectancy for any particular person with any particular medical history (they are not legally able to make actuarial tables based on race or ethnicity). Insurance companies have access to the Medical Information Bureau and National Prescription database so that a consumer that "forgets" about something on their application, could be properly vetted. Insurance companies are also able to require an applicant to complete paramed exam up to a full physical as a condition of getting the coverage.
Everything is priced in when an insurance company makes a premium offer to the consumer. The insurance companies will make (roughly) the same profits off of a 30 year old, non-smoking, female as they would off of a 70 year old male smoker.
There is no such thing as pulling a fast one over on the insurance company (obviously I'm speaking in general, there will always be the occasional outlier).

boumalo

legendary

Activity: 1918

Merit: 1018

Quote from: umair127 on May 07, 2014, 04:59:18 PM

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

I don't understand what you are talking about

If you don't cheat or know better when you take an insurance you are ev<0

umair127

sr. member

Activity: 378

Merit: 250

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

single-mom

newbie

Activity: 7

Merit: 0

Yo don´t spent as much as you are young so your get richer.

boumalo

legendary

Activity: 1918

Merit: 1018

Quote from: bryant.coleman on May 07, 2014, 12:25:33 PM

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Insurance companies are not dumb.

I agree. Especially the American insurance companies. That's why I hate them so much. And I am not just talking about the life insurance. Look at the Mediclaim / health insurance also. Is it even possible for a 80 year old to get a decent Mediclaim?

Buffet made a lot of money with his investments in the insurance business

I heard so many negative stories about insurance companies trying to steal my friends that I don't trust them much

Little P 1

full member

Activity: 172

Merit: 100

>.> ...

I won't lie 85% of the products are rip offs however there are some bargains out there but its all about shopping around and negotiating. ( Very few do either)

The only times I have heard of great deals on insurance is when the 80 year old already rich.

Kr,

Malcolm O

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: Little P 1 on May 07, 2014, 12:08:24 PM

Insurance companies are not dumb.

I agree. Especially the American insurance companies. That's why I hate them so much. And I am not just talking about the life insurance. Look at the Mediclaim / health insurance also. Is it even possible for a 80 year old to get a decent Mediclaim?

Little P 1

full member

Activity: 172

Merit: 100

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

umair127

sr. member

Activity: 378

Merit: 250

Well if your smart you would put life insurance on your parents if they dont have any, then after you pay they pass you will be 100,000 richer by time your older, I heard many americans are doing it like this to have extra at retirement. Better then playing lottery

Little P 1

full member

Activity: 172

Merit: 100

Their children possibly.

However I was talking about them not their children or loved ones.

Their children would also benefit from inheritance tax on the investment holdings.

Kr,

Malcolm O

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: Little P 1 on May 07, 2014, 10:34:49 AM

What use is a 10 year mutual fund investment at 83 ?

Their children and grand-children would benefit out of it. For example, if someone is 83 year old, and believes that his heirs will irresponsibly spend all his wealth if he gives to them in cash and property, would opt for a 10-year mutual fund investment which can't be closed prematurely.

Topic: you get Richer as the Older You’ll Get - page 3. (Read 3452 times)