Information For Newyork Life Insurance

Hi, Just like the title said. I was surfing around for information
on whole life insurance policy because i was thinking about purchasing
one and leverage it when I came upon this site.

I thought of putting it here for everyone to check it out. This
person give very details information about the policy

This is just one individual Whole Life Policy with New York Life.

There's a section of apples-to-apples comparison between term & Life policy


There's also a section where he reverse engineering his policy
model. I want to know is his information is accurate enough to be adapt for universal usage(i.e I can just use it and plug in my own figure)

All and all, I think it's a good read.

http://r0k.us/insurance/vp/vl01.html

i have to say that is truly amazing. amazing that it was done in the first place. amazing that it was done (and done so well) by a layperson. and amazingly well done with acknowledgement to where errors may be in the underlying analysis.

baxuyen, in answer to your question i see no reason why his reverse engineering model would not work for any other policy. however, one key aspect that he uses is the several years of statements he has which accounts for unknowns of internal mechanics of the policy being reviewed. as you read (and as he notes) he gets paid MORE on his NY Life policy than he was told to expect from his advisor. he also gets paid in MORE WAYS than he was told to expect from his advisor. he was only able to truly see this as a result of several years of statements from NY Life.

as a result, your policy with the numbers plugged into his analysis framework may be lacking some detail if you also dont have several years of annual recaps for your policies.

finally, i think it will be necessary to have more than just numbers to plug in. rich (the author) not only understands math, actuarial science, but also has a deep understanding of policy terminology which allows him to plug in these numbers in the right places and to confidently make inferences to fill in gaps.

on a personal note ... thanks for sharing the link. it was amazing reading!

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personal note: i did find a couple of areas where i think he made a minor flaw here or there. i do not see where it would have made a significant change in his findings. though i am in the business of insurance, i do not think i could have done what he did without making some flaws myself (and possibly greater flaws affecting the end results).

Hey, thanks for answering. I thought it was a good read too that's why I post it up here to share with everyone. About the flaw within his model, I believe the author state it very early on that his model does have flaw that will effect the end result.

Also I would opt for the "Waiver of Premium" with my own policy. You can choose not to get it with your policy, but only do that if you are a very keen person who always paid his bill on time.

:D :D :D :D :D

still it a should read

yes, his ability to identify flaws lends strong credibility to his work ... as it would with any empirical study.

i would also get the WP unless my disability coverage (outside policy) was in a position to cover all my needs and then some.

thanks again for posting it!!!