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Overview
What's Wrong With Your Life Insurance is a complete guide both to today's insurance industry and to the range of insurance options available to Americans. Dacey shows consumers how to choose coverage that is both economical and appropriate to their insurance needs while steering clear of the hard-sell pitches of agents eager to sell high-premium policies that generate large comissions. He guides the reader through the maze of confusing terminology surrounding today's policies to the heart of the matter--the actual coverage each policy provides and its cost. First explaining the basic types of life insurance, term and cash value policies, Dacey then explores the differences between old-guard policies and the new generation of policies that has appeared in the 1980's. This clear analysis will enable consumers in different walks of life to reassess their financial planning and make informed decisions about the type of coverage that's right for them.Editorials
Publishers Weekly -
A standard ``cash value'' life insurance policy will pay its prescribed death benefit in any year the prescribed premium is paid up, and the premium usually is reduced eventually to zero by an ever-increasing annual ``dividend.'' Nevertheless, in this updated version of a controversial 1963 title, Dacey ( How to Avoid Probate! ) denounces the insurance industry as a whole for misusing policyholders' money. Huge surpluses from lapsed policies, investments and favorable mortality experience, argues the author, finance exorbitant executive salaries and agent compensation. He sees deception everywhere in the modern insurance world of policies combining mortality charges with a savings/investment program. The variety of such formulas is almost infinite, their complexity confusing to the prospect they are meant to fool (and to the reader), as Dacey demonstrates exhaustively. His uncomplicated advice: ``Buy cheaper term-insurance and invest the difference.'' (Aug.)Library Journal
Just about everything is wrong with your life insurance, according to Dacey, unless you have simple term insurance. In this scathing update of his 1963 book of the same name, Dacey, also author of How To Avoid Probate (1965), catalogs the numerous abuses and deceptions he sees being foisted upon an unsuspecting public. Dacey has an inflammatory style (``avaricious industry'' and ``financial Moloch'' are representative epithets), but amply demonstrates, largely from the industry's own sources, how agents strive to sell high-commission cash value policies that leave customers under-insured. His advice: Buy term and invest the difference. While this is a valuable source, it has an enormous amount of detail and is far too repetitious. Careful editing would have made it leaner, if not meaner. Nevertheless, recommended.-- Jack Ray, Loyola/Notre Dame Lib., BaltimoreBook Details
Published
November 14, 1989
Publisher
Hungry Minds Inc,U.S.
Pages
452
Format
Hardcover
ISBN
9780025293502