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Taking Stock: Term life insurance may be better choice

Malcolm Berko: Unless you have an estate tax problem or are the sole supporter of a Jewish orphanage in Botswana, I can't imagine why you should purchase a $2 million whole life policy
By Malcolm Berko Published: December 2, 2012

Yes, there will be a correction in the Dow. But an annuity won't protect your IRA because its redemption value also crashes with the market. Keep your current IRA and continue making annual contributions. If you stay with good stuff (this IRA has good stuff) it's likely to be worth more when you retire than an annuity that socks you with an 8 percent commission and bleeds you with annual maintenance fees of 3.25 percent. Yeech! Yes, the world and the U.S. economies are in a bad way; still, share prices may continue to rise. The market's rise has less to do with strong revenues and earnings than the fact that Helicopter Ben and the European Central Bank are flooding their respective economies with trillions of dollars. Those trillions, intended to stimulate consumer demand, are being used by banks to goose trading profits and by corporations to repurchase their own common stock. This is capitalism of the few, for the few and by the few.

Please address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or email him at


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