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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
Giving
Percent
Deposit
Kind
Gives
Deposits
Something
Company
Suggests
Common
Insurance
Less
Services
Often
Bank
Sense
Compare
Back
Indeed
Whack

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Life insurance is a commodity.
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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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There's no such thing as altruism.
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Not surprisingly, the insurance lobby recoils in horror at the prospect of automatic coverage (including, when it was first proposed, Social Security), no matter how efficient it may be. Automatic coverage eliminates sales commissions and profit.
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The life insurance industry is filled with good people who believe in their work and their companies, but who may never have challenged the assumptions underlying their efforts.
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It's very nice to be able to be who you are.
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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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Having no national system of catastrophic health insurance, we have, through the courts, managed to patch together pieces of a not very satisfactory one.
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There are only two things as complicated as insurance accounting and I have no idea what they are.
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Hay fever suffers tend to be above average in intelligence.
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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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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 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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People don't need to find reasons to justify their not giving. What they need to find is the inspiration to give. And those who don't, but could afford to, are missing out on one of wealth's greatest luxuries.
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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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The first American insurance company was the Friendly Society for the Mutual Insurance of Houses Against Fire, founded in Charles Town in South Carolina, in 1735.
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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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Still, most people don't have much money. So finding ways to come out a couple of thousand dollars ahead every year still matters.
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Nobody wants campaign finance reform more than me. It would save me a fortune.
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