Did you know that Suze Orman is a Certified Financial Planner™ (CFP™)? You can look at this page of the Certified Financial Planner Board of Standards Inc. if you don’t believe me. While she is not currently a practicing CFP she was at one point with her company Suze Orman Financial Group.
A young man was speaking to Orman about a financial matter that had to do with extra money left over after refinancing his house and a life insurance policy. He asked her if he should take the extra money he would have every month and put it into a life insurance policy. She proceeded to go into histrionics about how he should avoid doing this at all costs and imploring him to not take this precipitous plunge.
Hmm. Your anecdote seems to be missing something.
Did she say why putting the money into a life insurance policy wasn't worthwhile? Perhaps it wasn't the best solution for his personal situation. Or maybe he was looking at a whole life insurance policy as an investment tool, in which case I'd expect her to present some alternatives.
Insurance—especially life and health products—should take into consideration individual circumstances. I certainly don't think life insurance is one size fits all.
Posted by: Megan Mahan | May 8, 2007 9:30 AM | Permalink to Comment