...life can be translucent

Menu

Let the insurance policy go? 60 to 24....

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
Hello,

Would really care for some help as this is an important issue.

My parent's business has fallen upon very difficult times. They are farmers, things aren't so great for farmers these days. As there is still a large mortgage on the farm, they are concerned about my brother who will inherit a large debt as well as a huge farm to run when my father passes away. My mother is 72, father 77. He still does work on the farm, is pretty healthy other than a rather worrisome lung ailment.

Years ago they decided to take out a large life insurance policy on my father's life for financial protection.

Right now prices have never been lower for their product, and they are really struggling to pay the bills. Yesterday they found out that the insurance company now wishes to charge a huge increase in the premium on the insurance because of the advance in my father's age.

My mother wants to let the policy go. She says they cannot afford to continue to pay this huge increase.

I wanted her to think about it carefully, because she has already lost a great deal of money in investments, and if she cancels the policy, she loses all the money for all these years they put in.

I told her I would ask the YiJing.

Hands folded, asked for an oracle regarding " if she lets the policy go."

Received Hex 60, changing lines 2 and 5, becoming 24.

Would really appreciate some help understanding this...

Thank you so much.


tashij
 

frandoch

visitor
Joined
Oct 22, 1971
Messages
151
Reaction score
1
Hi Tashij,

This is one of those situations, sadly, where you don't need to consult an oracle. The outcome will be dictated by the situation itself.

If your parents can afford to pay the increase, they'd be crazy not to. But, if they can't, the question becomes irrelevant.

But the Yi may be suggesting in #24 that there is another option, that of a successful joint venture. Is there any way in which the whole family could join together to help your parents maintain this policy ?

Whatever the outcome, I wish them well. You too.

Michael F.
 

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
Thanks Frandoch.

Yeah, seems clear enough, but the fact that my mother panics and makes bad financial decisions is what prompted me to try and look into this a bit more through the oracle. You know, we all could die tomorrow, right? and wouldn't the money be dandy for the survivors, crass but true.

Sometimes I envision a big crash that kills us all off. Not unlike the one that killed half of my family off 15 years ago.

Honestly, I think this farm is a sinking ship. So sad to watch the people go down. You know, these are simple people who just want to have land and grow things.
The current economic policies are making it so hard for people to have the simple-ist most basic things in life.

So I guess I have to just say, o.k, so they lost half a mil on a screwed up insurance policy. That's the way the cookie crumbles.

Thank you for the thought and insight...sounds like a rather pathetic post, doesn't it.


hmmm.

tashij
 

frandoch

visitor
Joined
Oct 22, 1971
Messages
151
Reaction score
1
Hi Tashij,

No - sad, not pathetic. Unfortunately it's the 'little' people who always pay the price, not those who make the decisions.

But, you may get better advice from others on the forum. Whatever happens, my thoughts and good wishes go to you and your parents.

Michael F.
 

martin

(deceased)
Joined
Oct 2, 1971
Messages
2,705
Reaction score
60
Hi Tashij,

I wonder what the I Ching is addressing here. Is the answer only about the life insurance or, more generally, about the farm and the future prospects of the farm?

If it's only about the life insurance, the I Ching seems to suggest that talking with the people of the insurance company might help. Perhaps they are willing to adjust the premium.

If it's about the farm: what I get from the hexagrams and the lines is that some kind of limitation could be beneficial. More focus on products that sell well and less activity in other areas, for example.

I don't know what applies here, but the overall feeling that I get is that the situation is not hopeless. However, an active approach to the problems is probably necessary, something should be done about.

Hope this makes sense (if it doesn't, forget it).

I wish you and your parents all the best,

Martin
 

joang

visitor
Joined
Nov 24, 1971
Messages
213
Reaction score
0
Tashij,
these are tough times for the small farmers, and are likely to get worse rather than better as the big conglomerates gobble more of them up. Rather than give up the insurance policy and try to hold on to the debt-burdened farm, perhaps the reverse would be the wiser alternative. That is, sell the farm, even though that is an emotionally difficult thing to do. Your parents can then use the proceeds to pay down the debt, keep the insurance policy in force, and use the rest to invest in another, less physically demanding, business. Considering your father's advanced years, and the unfortunate possibility that his lung ailment could worsen, he may be forced to give up the demanding physical labor a farm entails, perhaps sooner rather than later. I believe choosing to do it sooner is better than being forced to later.

Namaste,
Joan G.
 

gene

visitor
Joined
May 3, 1971
Messages
2,140
Reaction score
88
Tashiiij

Nothing about the I Ching, but, have you looked into what type of insurance this is? Some policies have built in cash reserves that accumulate over the years. Some are variable, some are fixed. You may be able to borrow the cash funds from that type of policy, and then just not pay them back. The policy will eventually lapse but you can get a good percentage of money out in the meantime. Or, you can use the cash advance to pay the premiums for a while. I would check into it further, perhaps you already have, I don't know. Even term life may have some limited financial options. Check it out first.

Gene
 

gene

visitor
Joined
May 3, 1971
Messages
2,140
Reaction score
88
Another thing Tashiiij

Look at the policy for premium increase rights. Are they legally allowed to do that? Look at the fine print, maybe even take it to a lawyer. There may be more here than meets the eye.

Gene
 

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
Thank you Martin, Joang and Gene;

Have been away and have not been able to respond till now to your posts.

Martin and Gene, we are looking more into the fine print on the insurance. The good thing is that my parents are exploring options and not taking the defeat at face value. Yesterday, they were ready to throw in the whole thing without further investigation.

Joang, I agree actually. It would be best for them to sell this place now. However, they have their entire lives wrapped up in the history of this farm, and to let it go would be the end of my father. The irony is not lost on him.

Perhaps the Yi is offering some philosophy here, something for me to think about, amidst the rise and fall of it all....

Thank you for your comments.
 
C

candid

Guest
Tashiiij,

I agree with Gene that looking into the policy specifics is indeed a wise thing to do, as you've said is being done.

Insurance companies are of course about profit. If they can force a long time policy holder to cancel just near where the odds of survival are lowest, they stand to gain considerable profit. If on the other hand, they bought a whole life policy or even an annuity, the worst thing they could do is cancel the policy before retrieving their held cash funds. If they have term insurance, your parents aren't really losing what they've paid into because its pay as you go with no cash reserve benefit.

60 also brings to mind another possibility, to decrease the coverage amount and the accompanying premium.

Best wishes for you all.
 

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
Thank you Candid, so much for writing. I am a bit embarrassed about posting this because the answers seem so obvious!

They are getting help with the policy, and so all is not lost. The goodwill and advice expressed here really helped me talk to my parents, who in turn, talked to the insurance people... So, thank you, very much.
 

theoldman

visitor
Joined
Dec 17, 1971
Messages
22
Reaction score
0
Hi Tashiiij,

I've just joined this forum.
You said you told your Mother you would ask the YiJing. Why don't ask HER to do it herself? I mean hexagram 60 is yours, not your mom.
By the way, below is MY interpretation for YOUR situation involved.

Slow, steady development, progress step by step.
Persistence and have faithfulness.

Don't be anxious for quick results or greedy to get everything at once. If you allow things to develope at their own pace, you will lay a firm foundation for your future success.

Say, the way you join this forum is something you are developing your firm foundation, right?
So, if you want the really answer, YES, YOU should continue your believe (in insurance) but do not hurry and worry about the outcome.

Hope I can help a bit.
Best wish.
 

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
hi theoldman. : )


mother + yiching ... !!!

.

yes because of the forum foundation much better now. before was like dropping coins in a forest. couldnt hear the coins. now like droppings coins on a marble floor. can hear them fall.
 

theoldman

visitor
Joined
Dec 17, 1971
Messages
22
Reaction score
0
Hi Tashiiij,

Yeh, it sounds good.
"before was like dropping coins in a forest. couldnt hear the coins.
"now like droppings coins on a marble floor. can hear them fall."

Hope the future like "remembering coins on a marble floor without look at it again"?

PS I know, I know. The difficult thing of the YI Jing is How to make the person whom needed help toss the coins.
 

tashiiij

visitor
Joined
Oct 10, 1971
Messages
132
Reaction score
0
gold coins on a marble floor in a stone temple: the sound resonates. only need to hear once.

(okok maybe one more when the vibration fades...but really, days and days now....)
 

theoldman

visitor
Joined
Dec 17, 1971
Messages
22
Reaction score
0
You sound balance. It shows something "inside" you.

Glad to see and hear that. That very resonance will go with you.
 

Clarity,
Office 17622,
PO Box 6945,
London.
W1A 6US
United Kingdom

Phone/ Voicemail:
+44 (0)20 3287 3053 (UK)
+1 (561) 459-4758 (US).

Top