William Penn Life, 1981 (16. évfolyam, 1-3. szám)
1981-01-01 / 1. szám
THE INSURANCE STORE We don't know if you ever thought of it this way, but buying life insurance is just like renting money —but better. Here's what we mean. SUPPOSE YOU WENT TO YOUR BANKER WITH THIS PROPOSITION. 1. Mr. Banker. I want to borrow $100,000. I don't want the money in cash. As a matter of fact you can keep it right here in your bank. But, I want you to put it into a .separate, trusted escrow account with my wife's name on it. In case I die, I want to be sure that she has at least that much money to pay off the mortgage on the house, pay up the unpaid bills and have a little extra to live on. 2. I will pay you interest for the use of the money, but, since I am not taking it out of the bank and you still get to earn interest on it and use the money, I don't think it fair that I pay your regular rate of interest. I am willing to pay no more than 2% a year interest. 3. I am 30 years of age now and I might die before I am age 65. If I do die before then, I want you to forgive and forget any further interest on the money and pay my wife the full $100,000, no strings attached. 4. Should I get sick or hurt and be unable to work and earn an income, I want you to forgive interest payments, or make them for me, until I am able to return to work and earn income. I don't want the interest payments you forgave or made for me deducted from the $100,000 now or in the future. I want to be sure that the full $ 100,000 is available to my wife if I subsequently die. 5. I want you to promise that this will always be a one-sided transaction. By that I mean that I can stop the interest payments whenever I wish, but you can't stop your end of the agreement, no matter what happens, unless I stop paying the interest. As long as I pay, you live up to the agreement. 6. I'd also like you to guarantee that if I, or any member of my family, contract a dread disease, multiple sclerosis for example, that you will pay an additional $2,000, no strings attached, to help pay the added medical expenses. 7. And, if my wife and I both die while the 4 children are under age 1 8, I want your promise that in addition to the $100,000, you will provide additional support benefits until all 4 children reach age 18. Say $75 a month for each child until they are 5 years of age, then $ 100 a month for each child until they are 14, then $150 a month, each, until they are age 18. If I died this year, my wife, too, the children are ages 1-2-3-4. I calculate that it would mean an additional $72,000 in orphans benefits that my children would receive. 8. Then, if any of the children want to go to college, and I think they will, I want you to promise an orphan scholarship benefit of $2,000 per year for four years for each child. That would be $32,000 total. 9. Oh yes, Mr. Banker, I almost forgot. From time to time I get a little bit lonely and feel the need of some fellowship. I'd like to see a friendly face or two and get the chance to visit, to talk about my Hungarian ancestry, its culture and heritage. Whenever that happens, I'd like to be able to drop in on one of your Branches for a visit and meet my friends or some new people. Maybe we could even go out and help someone in need. Of course, whenever I do drop in, I want to be received courteously and warmly. 10. Now, Mr. Banker. Since it is such a good deal for you, in case I don't die before my age 65 in which case you won't have to give my wife the money, I would like you to give me back all the interest I paid you. As a matter of fact. I'd expect a little interest on the interest. 11. Fair enough, Mr. Banker? Do you have the papers I need to sign to make all of that happen? I'll sign them now. WHAT WOULD YOUR BANKER SAY? What we have just described is exactly what a $100,000 William Penn Association Ordinary life insurance certificate will do. The interest will vary with age. Any size WPA certificate of Ordinary insurance will do the same thing when it includes a waiver of premium disability benefit. And, know what? The interest for a 30 year old is less than 2%, and, depending on your age when you start renting the money, you will get all the interest you paid back —many times with a profit. Want more details? Send your name, date of birth and tell us how much money you want to rent. 23
