Comments on: Save Money on Life Insurance by Paying Annually http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: MSG http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/comment-page-1/#comment-78018 MSG Thu, 07 Jun 2007 20:25:12 +0000 http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/#comment-78018 Hey dumb ol' CFP...It works like this: IF the annual premium is $360, but you decide to pay monthly (at $32) all companies would require the first month in advance, this means that you are "financing" the other $328 over 11 months. His APR of 14.3% is right on the money. (not a good deal) I'm a believer in life ins to protect my family, not a believer in paying rates comparable to a credit card to break it down monthly. Hey dumb ol’ CFP…It works like this: IF the annual premium is $360, but you decide to pay monthly (at $32) all companies would require the first month in advance, this means that you are “financing” the other $328 over 11 months. His APR of 14.3% is right on the money. (not a good deal) I’m a believer in life ins to protect my family, not a believer in paying rates comparable to a credit card to break it down monthly.

]]> By: thc http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/comment-page-1/#comment-77941 thc Sat, 02 Jun 2007 03:02:27 +0000 http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/#comment-77941 Somebody has to explain the math to this dumb ol' CFP, but how does an extra $24/year work out to 14.3% on $360? I pulled out the HP 12C and I figure the 2 bucks a month isn't really a bad deal at all! Somebody has to explain the math to this dumb ol’ CFP, but how does an extra $24/year work out to 14.3% on $360? I pulled out the HP 12C and I figure the 2 bucks a month isn’t really a bad deal at all!

]]> By: Patrick http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/comment-page-1/#comment-77916 Patrick Thu, 31 May 2007 23:46:46 +0000 http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/#comment-77916 A lot of insurance companies have done that practice. I remember paying my car insurance up front because I saved $5 per month on a $70 payment. That's a nice savings as far as I'm concerned. Is this illegal now, or is it something that has to be pointed out clearly by the company? A lot of insurance companies have done that practice. I remember paying my car insurance up front because I saved $5 per month on a $70 payment. That’s a nice savings as far as I’m concerned.

Is this illegal now, or is it something that has to be pointed out clearly by the company?

]]> By: Art Dinkin http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/comment-page-1/#comment-77913 Art Dinkin Thu, 31 May 2007 17:06:16 +0000 http://www.fivecentnickel.com/2007/05/31/save-money-on-life-insurance-by-paying-annually/#comment-77913 You are absolutely correct! I have seen the discount factor for annual premiums as high as 8% over monthly payments. You are absolutely correct! I have seen the discount factor for annual premiums as high as 8% over monthly payments.

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