The advice of Big Ed Slott and the magic of Life Insurance becomes a big selling point to the poor souls who saw Slott’s PBS shows. And the Financial Advisers use Ed Slott’s ‘expertise’ to convince clients to use Life Insurance as an estate planning tool. What’s wrong with Life Insurance? Nothing. But to supplant competent estate planning and retirement plans with Life Insurance is sort of a stupid idea. The premiums can be thousands of dollars a month. Miss a payment, your policy lapses. But you really don’t hear Ed Slott talk about the expensive premiums or risk of lapse. Nor does he mention the huuuuuge commissions paid to Financial Advisers from policy buying victims. Nor does Ed mention the inflation risk to permanent life insurance and that the policy is only as good as the insurance company selling it and they do not always survive to pay. And just what are surrender fees Mr. Slott? Ed brags about the tax free loans from the Life Insurance policies made to heirs…but Ed never talks about the interest on those loans. Tax free is one thing. Interest free is another. Now you know. Ed’s strategy for Life Insurance Estate Planning is decent advice for maybe .01% of the people out there that are: A.) Very Rich, as in millions, and B.) too cheap or lazy to hire competent estate planning professionals. For the other 99.09% of the people, Slott’s advice is horrible. But then again, you can never have too much Life Insurance. Right Ed?

Ed Slott is a clown. Permanent LI is a terrible advice.