We left at the end of Part 1, where I had already shared the secret to win the game of life insurance (DIE wITH YOUR iN POLITICAL FORCE!). But even if the secret sounds so simple and obvious, we learned that many people overlook and lose the game. Why and how come?
Well, we all die, so obviously these people do not lose the game of life insurance because they live forever. They lose because their LAPSE policy before you die!
This can happen for a variety of reasons. Sometimes it is because they do not want politics ... they may be divorced or they bought for someone they care more, to voluntarily abandon the policy. Sometimes it is because they run through hard times, losing their jobs, and have difficult decisions to make ... like ... do I feed my children? ... Or pay the life insurance bill? Obviously, this is an easy decision. Maybe there was a change of address and the life insurance carrier was not notified, which would cause the insured not to receive invoices and, in turn, cause the policy to lapse.
The bottom line on all of these reasons-and others, is that the insurance company does not care why they lapsed. They collected premiums for years ... but they end up never having to pay a claim on the policy. In other words, they win and you lose.
And the profits of the insurance companies make on all these policies are obsolete and expired effectively subsidizing the ridiculously high rates of return for quite intelligent people continue to have their life insurance policies and their DIE in force (you can call this group the winners circle!).
in Part 3, I will draw exactly how to win the game both a term and a permanent policy. Stay tuned!
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