For a minute there I thought I had to get off my couch, when all the while the fact is we don't have to do anything much but keep things afloat for just a few decades more! In fact, we'd best shut up about PO, because if our offspring finds out we knew about it all along, they'll turn and wring our necks come 2036!
Posted: Wed Jan 26, 2005 7:54 am Post subject: Insurance policies, cut or continue?
hi all,
i hope this is not a stupid question to ask, but so far, i dun think i have come across any discussions pertaining to insurance policies (life time, educational etc) wrt to peakoil and the potential financial fallout.....
i am a father of 2 kids, 1 yr old and 4 yrs old. my wife have bought some educational and insurance policies for them since their birth. i am not very into economics and financial stuffs, so i have left such decisions to her. unfortunately, she is not as convinced as me about po even though i have been updating her frequently with such information.
without economic growth, all those 'promised % returns from investment of insurance policies' dun really look that bright to me, right? so what could potentially happen to all this insurance companies and all the policy holders when the crash starts to happen??
should we then just treat insurance as it is supposed be, pure accident/death insurance coverage? and not as some sort of investment?
or should we just totally stop all insurance policies at all and invest the $$/premiums in better areas of preparation now?
Joined: Aug 12, 2004 Posts: 1180 Location: England
Posted: Wed Jan 26, 2005 8:31 am Post subject:
I did have an endowment policy that was due to mature in 2024 , which was originally planned to cover the mortgage.
Since learning of PO, I have taken the view that this policy wouldn't of been worth anything by then so I have cashed this in. The policy was entirely based on the growth in the stock market, which in turn relies on economic growth. When PO takes care of the latter, not only will the policy not grow, the 300 payments of $200 would probably be gone also.
I have used the money to offset against my mortgage and have started other shorter term investments which have accumulated nicely and will enable me to clear the mortgage by 2007(with redundancy), or 2009 without.
I therefore pray to the oil well god that the flow can continue the plateau until 2009 otherwise I shall be living in a cardboard box under a flyover for my retirement!
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