Funny how I ask a question of Johny and you answer on his behalf I ask a question of Timber and he pretends to not see it or dodges answering.
The insurance policy when sold to my parents and many others in the UK was to cover burial costs and possibly a little more, the premium costs rose each year to reflect increasing cost due to inflation. In Yorkshire and the UK in general I feel it was kind of frowned on that a family member should be seen to profit from the death of a loved one. This story is from an actual tested account of how insurance companies work.
I hope your policy is as water tight as you suggest and that whenever the time it is to be tested it returns all that you expect.
Many people in Yorkshire will see such a test in their insurance cover once the flooding subsides, more so when they have to tell the company that the three foot high cabinet containing the paper work is under four feet of water.
If you think of these big wealthy and politically connected insurance companies have any altruistic values whatsoever. The next time you are in your closest big city check out any of the big insurance offices, look first at the size of the building, have a coffee opposite the office entrance and check out the work force going in and out take note of Italian suits and shoes then have a look in the car park and count the BMW’s Merc’s Audi’s and big 4 x 4 as I know they like them. Then think who paid for all of that, then think if they were suddenly asked to pay out on a large number of claims how they might go. I’m sure the many AIG policy holders also had great confidence as did those of one of the most solid (thought of) companies Lloyd’s of London in the past:
I am sure there are many people with insurance policies and superannuation plans that think they are going to get back their money. Take a look at the ASX year on year and notice it’s a little below where it started. Then remember the big super fund administration management took about AUD $20 Billion dollars in fees for their stewardship of the investors funds and tell me if they get a few more years like that what chance will people have of retiring on actual returns as against those numbers on those wonderful printouts supplied by the lovely young BMW driving chap that sold them the original deal. If you think there is some kind of police or governing body protecting people from any such losses boy have I got news for you!!!
http://www.tradingeconomics.com/australia/stock-market
I’m afraid to tell you boys and girls but when it comes to money you are well and truly on your own. Even the Australian government knows what I have written above is all so very true and that’s why they keep telling people that they are responsible for the choice of fund they chose to have their employer’s pay into so as to refer the blame back on them when the whole godawful mess explodes and believe me or not as you wish but I feel it will.
I have a feeling over the next five or so years more people will wake up to this situation; however, by then I fear it will be all too late.
That’s why I will hang onto my physical Gold as I feel it is the only prudent thing to do if you want to keep out of the official paper system in some small way.
Possibly my life experiences have lead me to my sceptical views; however, so far to date they have kept me in the game and I can still enjoy an international costing gin and tonic when I wish. Whether my Gold will allow me to eat Champagne and oysters every day or if I cut back to basic fish and chips I at least should be able to avoid the pensioner fare of pet mince!!!
Oh! TrendTracker. No problem after all it’s not like its hard work.
HappyCats. Many thanks for those motor bike pictures I have yet to see such great numbers on a Honda Fifty. I take it you are somewhere in the Third World are you on the North Island or down near Christchurch.
I have made one observation here in Bali I often thought the girls in Australia wore those shoes with four inch thick soles to look taller but now I learn it is the secondary braking system on the older small motor bikes and scooters so popular here.
Education was mentioned the other day, I was speaking to four young Aussies in a bar near my hotel last night and three of them are currently hoping to make their way in the world as personal trainers. I did not voice my thoughts but felt they would be better off staying here and getting apprenticeships as motor bike side stand fitters.
