In this episode, Jim Oliver and Nick Kosko discuss:
- Average retirement age and mortality rates
- Modified Endowment Contracts
- Insurance’s process of establishing minimum and maximum premium rates
- Term insurance
- Insurance companies will increase to adhere to the likelihood of one’s own survival
- Between minimum and maximum, there are infinite amount of premiums that the insurance companies can charge
- Government was encouraging people to put money into qualified plans, deferring or postponing tax calculations.
- Government determines the maximum premium rate through the deficit reduction act, technical and miscellaneous revenue act.
“You’re still relinquishing control and you are relying on hope as your strategy. Hope’s not a strategy but you are hoping that you don’t run out of money before you die” — Nick Kosko
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.