How To Discover Your Gold Mine
Aug. 05, 1988
NEW YORK (AP) _ It was 1966 and Joe Mintz was 48, a very successful Dallas life insurance salesman with a growing income and an expensive house. Then he became an industry critic, a very successful one.
His later success is not in financial terms, however. The big house, for example, was sold and he and his wife live in a much smaller apartment now. He lost a lot of his old insurance industry buddies, too.
And much of the time, he concedes, his ideas have simply bounced off the industry's tough hide. He talks of the frustration in obtaining understanding of his causes, but far less action.
But, he says, ''I wake up every morning knowing it will be a good day.'' He always sounds it, too. Though a very severe critic, and greatly upset by some life insurance practices, he retains an outwardly serene demeanor.
Part of it comes from experience, since Joe - with his computer printouts - was an important factor in developing Individual Retirement Account legislation, some of which, to his chagrin, has since been rescinded.
Now 70, collecting Social Security and a small amount from his nearly inactive agency, he continues to argue that the life insurance industry, by choice, fails to describe its products in ways most beneficial to customers.
At his own expense he attends insurance meetings, sometimes as a speaker. He needles state regulators. He grabs the attention of consumer advocates and legislators. He produces stacks of data and analyses from his computer.
While he is respected in the industry for speaking his mind, he is feared, too, since he calmly strikes at some of the industry's most respected tenets, even some of its moral precepts, and does so in plain, flat-out language.
At his own expense, for example, he has just designed, written, printed and published a four-page memorandum called ''How To Discover Your Gold Mine,'' in which he assaults the dictum that you should never trade in your life insurance policy.
To the contrary, he says, it is often in your best interest to do so. All at once, he says, you might release thousands of dollars in cash for your own use, retain or improve your coverage and pay no further premiums.
Here is an example:
The original life insurance policy would pay the beneficiary $100,000 upon death of the insured. It required an annual premium to the insurance company of $1,430. The policy contained $18,700 in cash value.
It was discontinuued, and three new policies purchased:
1. Using the $18,700 cash from the old policy, a new $96,000 policy became available, with no further premium payments required.
2. Using $715, one-half of the annual premium saved by switching policies, a new, additional, $15,000 policy was purchased and made payable to the original beneficiary.
3. Using the remainder of the saved premium, $715, a second $15,000 policy became available, with benefits assigned to a home for the aged.
In this scenario, which is constructed from actual marketplace data, the original $100,000 payable at death increases to $126,000.
This, and other situations he describes, document the title of his four- page memo, available from Gold Mine, Box 12066, Dallas, Texas 75225. For $2, he will send two copies for review by you and your insurance agent.
Joe has a particular reason for suggesting you ''liberate'' your funds. ''Since rewards are common when one recovers a possession thought lost forever, you may be willing to share these gains with a deserving organization.''
Such liberated money, he says, could be contributed to a church, synagogue, nursing home, hospital, school, home for the aged or a charity of your choice, including yourself. Share with them, he says, rather than with the insurer.
Theoretically, he says, billions of dollars could be shared with needy institutions - he does not consider the insurers to fit the category - if people examined their policies.
End Adv AMs Fri Aug 5