[jedalton]

Originally Posted by jedalton

My friend will get the 10k.

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

[Don5154]

Originally Posted by jedalton

Show me where you can get a guarantee 5 percent

One word “ANNUITIES”

[fdpaq0580]

Originally Posted by jedalton

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

Agree with post 46 that your friend deserves this opportunity.
And most of us have been around long enough to know how insurance works.

[Don5154]

Originally Posted by jedalton

My friend is just a beneficiary not an irrevokable beneficiary and in case you don't know how insurance works the money is paid directly to the beneficiaries there is no probate or anything else

As I said earlier....if it’s such a great investment why isn’t your friend all over this deal......or perhaps some of your Palmer friends.......just saying ?

This type of solicitation should not be aloud on this site.

[charlieo1126@gmail.com]

Base price for lowest model for 2020 with plenty of options is $25, 666 that’s before you start arguing with them . Why spend $20, in a car you may not get for another 10 years or more and why won’t he sell his insurance

[fdpaq0580]

Originally Posted by Don5154

One word “ANNUITIES”

I thought of that as one source, but I get nothing for being his financial advisor, so didn't reply to his post.

[Don5154]

Originally Posted by jedalton

you can buy it at end of lease, which is what I am doing

No what you are doing is asking for 20k from someone so you can buy it from the dealer.

[retiredguy123]

Originally Posted by FredJacobs

I used to teach life insurance law to insurance agents. Life insurance policies are payable ONLY to the beneficiary. An "irrevocable beneficiary" cannot be changed by the owner of the policy without the approval and knowledge of the beneficiary.

Life insurance proceeds are free of income tax and cannot be attached by any of the decedent's creditors. However, they can be claimed by the beneficiary's creditors.

Things to look for and consider -

A. What kind if policy is this - Whole Life, Universal or Term?
B. If it is Whole Life or Universal, is there any cash value and is the cash value sufficient to pay the premiums?
C. If it is Term, the owner of the policy could stop making premium payments because it is forever increasing and the policy could be cancelled. Also, depending on when the policy was issued and in which state, the policy may expire at age 80, 85 or 99.

2. The life expectancy of a healthy 79 year old male is about 13 years. Should the owner live that long, the car will be 16 years old - if he still owns it. Will you get what ever car he owns at the time?

3. This is like buying a 13 year non-cancellable, no early withdrawal CD. Investing $20,000 and waiting 13 years for payout of $40,000 is an annual rate of return of 5.2%. Not too bad a rate of return. If he lives longer, the rate goes down.

4. Mr. Dalton may be better served if he sells his policy for a cash settlement.

I don't think the second paragraph of your post is correct, in this case, regarding income tax. Here is what the IRS says about income tax on life insurance proceeds.

"If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts."

[retiredguy123]

I am not sure why the OP is getting so much backlash about this thread. It is a viable offer, but I think it would be more appropriate for a young person, not for a retired person living in The Villages. And, like any offer, it could be subject to negotiation.

[Stu from NYC]

Originally Posted by retiredguy123

I am not sure why the OP is getting so much backlash about this thread. It is a viable offer, but I think it would be more appropriate for a young person, not for a retired person living in The Villages. And, like any offer, it could be subject to negotiation.

Agreed all they have to do is say not interested.

Read the offer decided not for me but following as it is an interesting thread.

[Don5154]

Originally Posted by village dreamer

and what did p. t. barnum say...…..

Unfortunately he was right :-(

[charlieo1126@gmail.com]

I would rather put $20, into my vanguard index funds, like I do every month , except now because of market down I’m also putting money in every week

[jedalton]

Originally Posted by charlieo1126@gmail.com

Base price for lowest model for 2020 with plenty of options is $25, 666 that’s before you start arguing with them . Why spend $20, in a car you may not get for another 10 years or more and why won’t he sell his insurance

have to have min of 100K to sell policy, mine is $50K

[jedalton]

Originally Posted by retiredguy123

I don't think the second paragraph of your post is correct, in this case, regarding income tax. Here is what the IRS says about income tax on life insurance proceeds.

"If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts."

that's if you transfer, if your beneficiary is tax free

[jedalton]

Originally Posted by charlieo1126@gmail.com

I would rather put $20, into my vanguard index funds, like I do every month , except now because of market down I’m also putting money in every week

good choice but no guarantee. at 6% interest it would take 12 years for money to double at with guarantee.