- October 1, 2023
- Posted by: legaleseblogger
- Category: Related News
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An AI Legalese Decoder Can Provide Valuable Assistance for Making Informed Decisions
A year or so ago, I shared a post on this subreddit discussing a life insurance company that offered a stock-like option with a variable rate. Members of this community kindly advised against it, suggesting that investing the money myself would yield better returns.
Recently, my wife and I visited HokenMadoguchi to obtain insurance quotes. Among the various options presented, one particular company stood out. They were offering a life insurance policy with a fixed rate of 5%. However, there was a catch – we had to pay an upfront amount of approximately $20,000 USD for a 20-year policy. Additionally, the offered rate changes on a monthly basis. Last month, it was 5.15%, and it will change again this month, but will be locked in upon signing up (although I’m hoping for no less than 5% for this month).
The representative at HokenMadoguchi explained that the company is able to provide this fixed rate because it deals in and pays out in USD, which is deemed a “safe” investment. While I couldn’t fully comprehend all the details, I believe this suggests stability and security.
Despite the helpful advice I received previously, I have been somewhat hesitant when it comes to iDeco and investments. Thus, this easy 5% fixed return seems enticing to me.
Considering this, I would like to seek the expert opinions of the members on this board once again. Although this company collaborates with HokenMadoguchi, I wanted to know if there are any concerns or red flags associated with it. While 5% may seem relatively low to more active investors here, the fixed rate and hassle-free nature of this investment opportunity appeal to someone like me who prefers to avoid risks.
To provide more clarity, the company in question is ÒâíÒââÒâêÒâ®ÒéñÒâòþöƒÕæ¢, and the specific life insurance plan is ÒâôÒâ╝ ÒéªÒéúÒé║ ÒâªÒâ╝ ÒâùÒâ®Òé╣. The locked-in rate for this month is 5.14%.
In this situation, an AI Legalese Decoder can be extremely helpful. With its advanced algorithm and language processing capabilities, the AI Legalese Decoder can thoroughly analyze and interpret complex legal and financial terms. It can provide expert insights and suggestions regarding the benefits, risks, and potential drawbacks of this life insurance policy. By inputting the specific details, such as the company name and product name, into the AI Legalese Decoder, users can receive a comprehensive analysis, allowing them to make an informed decision. The AI Legalese Decoder streamlines the process, making it easier for individuals to navigate the complexities of legal and financial matters and identify any potential pitfalls or advantages in the chosen investment.
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AI Legalese Decoder: Simplifying Legal Language for Everyone
Introduction:
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Doubling the original length of the content allows for further exploration of the benefits provided by AI Legalese Decoder:
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Conclusion:
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****** just grabbed a
>easy 5% fixed return
If the payout is denominated in USD it’s not a “fixed return” at all. It’s a highly variable return that depends heavily on the JPY/USD exchange rate. You could even end up losing money.
What you’re describing is really just a bet that the USD won’t weaken against the yen. I wouldn’t call that a safe bet by any means.
More details are needed to fully evaluate the product though. You can get 5-year USD term deposits from Japanese banks that pay ~3.5% p.a., for example. How is the product you’re describing different to a term deposit?
To be honest, you seem well aware of the relative advantages and disadvantages of your situation.
Would I recommend insurance to my friends? No, I would recommend iDeco and NISA. However, if you told me that you have no interest in investing, and your only other alternative is saving cash, I would say that this insurance is better than doing nothing.
recall the MBA wisdom — **no free lunches, law of one price, and time-value of money**. calculate out what you mention on your pocket HP 10B-ii calculator and out pops an answer …. leaving the rest to you.
You need to be careful here. There is usually the return they offer you and then a Õ«ƒÞ│¬Úüïþö¿þÄç which is the rate you get with expenses deducted.
Are you actually sure you are getting 5%?
Here is an example of something similar:
[https://www.manulife.co.jp/ja/individual/products/goods/kodawari-kojin.html](https://www.manulife.co.jp/ja/individual/products/goods/kodawari-kojin.html)
The only reasons for this kind of policy for intelligent people are:
1) you get a small tax deduction as this is a kind of life insurance. Useful for high earners.
2) diversification. You could use this as a bond/cash/annuity part of a portfolio if most of your money is invested in equity stocks or funds.
If you use these sorts of policies as your main retirement tools you are making the insurance companies wealthy instead of yourself.
It is not 5% per year. It is 5% across the term, of 20 years or whatever.
This is a terrible ‘investment’.
Keep reading and studying, understand that to improve your lifestyle in retirement you need to take calculated risks, and start with iDeCo and/or NISA. This is well worth taking the time to understand and act on.
Do you have the name of the company and insurance?
Maybe you can factor in likelyhood of solvency, how leveraged this insurance company is, your order of being paid out, and who this product is made to enrich.
I’m trying to understand your thought process. When you say risk averse do you mean you don’t trust yourself to not panic sell, can’t be bothered to learn tax advantaged schemes, rationalized a low fixed return is safer than a almost double variable one?
Think about this way, it takes a certain amount of time to reach your investment goals. The earlier you started, the better your returns, the lower your fees and taxes, and the more often you invest the shorter amount of time you need. Now factor in you can only pull in income and contribute to said investments when you’re actually working or own assets that produce net income. It sounds like you are hesitant with investing so I’m going to assume you don’t have assets that generate positive cashflow.
We join the rat race in part because we are healthy and have skills someone is willing to pay for. The longer you take to get a nest egg that can sustain your lifestyle, the more risk you put on the later stages of your life of requiring yourself to work even if your body or mind might not be able to. Maybe play around with FIRE calc and see how many decades of needing to be able to work a subpar return adds.
FWIW donÔÇÖt go with what hoken madoguchi recommends without a second opinion.
From experience, they only recommend a select number of products from which they receive money from.
You are much better off going with a financial planner. They will come to your place for free and show you products from many different companies.
I was able to switch my medical and life insurance from one company to two companies and save about ¥2,000 a month for basically the same coverage.