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What kind of bank gives back 65 percent-often less-of what you deposit? Indeed, when you compare the services of a bank and an insurance company, common sense suggests something is out of whack.

Andrew Tobias

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Andrew Tobias
Age: 77
Born: 1947
Born: April 20
Journalist
Writer
Often
Bank
Sense
Compare
Back
Indeed
Whack
Giving
Percent
Deposit
Kind
Gives
Deposits
Something
Company
Suggests
Common
Insurance
Less
Services

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Rule of thumb: The more trimmings an insurance plan has and the harder someone is pitching it, the faster you should run.
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The best thing I have are 5 percent bonds from 1780, denominated from $1 to $20. As far as I can tell, they are obligations from the United States of America, so I should be able to walk down to the Federal Reserve and redeem the uncanceled ones. With 217 years of accrued interest, for a $20 bond, that's about $800,000.
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But successful investors tend to be not too self-destructive. They tend to be patient, they tend not to follow the crowd, and they tend not to be too guilty about winning.
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The larger the deductible you choose, the less insurance you are buying. Insurers want to sell insurance.
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There were no jobs created in America from 1945, when the war ended, through 2003. How could there be? Taxes were too high. Preposterously so under Eisenhower, Kennedy, Nixon, Reagan (who left office with a 28 percent rate on long-term capital gains) and Bush the Elder.
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No wonder lawyers, who control the legal system, have fought so hard, and with great success, against no fault insurance. No fault, no lawsuits. No lawsuits, no lunch.
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Life insurance is a commodity.
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The life insurance policies advertised on the radio with the line You cannot be turned down for this coverage! are actually saying, For policies this small, it would cost us more to decide whom to turn down than simply to accept everybody - and make them pay through the nose.
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The industry cannot long offer unneeded or overpriced insurance if people will not buy it.
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Man's natural life span, 75 to 90 years or so, has not increased. It is the number of us who manage to attain it that has increased.
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I was a writer for 'New York' magazine. I had been to business school, but what did I know? Still, everybody from the receptionists on up to the editor would ask me what they should do with their money.
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There's no such thing as altruism.
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In short: Readily available low-cost life insurance would be a threat to the industry, and whatever threatens the life insurance industry threatens America.
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