In one case, both their identity and their qualifications are a complete mystery.

CNNMoney.com has a section of their website entitled Money 101 and Lesson 20 is life insurance.  While there are nuggets of sound advice embedded in this lesson, there are also some real problems.  Before I get in to the specifics, go ahead and take the quiz that goes along with the lesson. 

Take the Quiz!

 

In order to score ten out of ten, you are going to need to think like the author, and I am sure you can pick out the answer they want you to give rather than the one that may actually be correct in real life.  If you struggled with it, or you are interested in just how bad some of the recommendations are, you can read the "lesson" here:

Read the Lesson

 

CNNMoney.com is not alone.  In fact, this last point about them knowing nothing about the client applies to each and every expert out there who claims to have the "truth" about life insurance or financial planning.  The only truth is that they are just plain wrong, or at best are like a broken clock that shows the right time twice per day.  Some of their recommendations will apply to some of their readers, even if they know nothing about them.

Perhaps the most blatant omission (aside from the author's name or qualifications!) in this article is the fact that the prices on the web are exactly the same as those available using an agent in the vast majority of cases (and you can make the argument that you will pay less with an agent that really knows his or her stuff!).  In addition, the entire argument for term insurance is that the client will eventually self-insure.  What if they miss the target?  What if they are really successful and need to deal with transfer taxes?  Evidently these eventualities are too uncomfortable to discuss.

What one of the author's points is correct and indisputable?  That life insurance is sold, not bought.  It is a powerful and complex financial product that needs to be sold by a qualified expert, not bought on the internet.