we got hit up by a coworker's finance guy about life insurance policies and the push toward custom variable vs "renting" the term as the rep put it. What say ye?

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Posted by GoCrazyAuburn

Member since Feb 2010

34912 posts

Posted on 10/31/12 at 2:08 pm to Bama98

quote:
custom variable

Not a fan of these. IMO they defeat the purpose of doing permanent insurance. Who did the guy work if you don't mind me asking.

He is accurate with the renting the term though. It is a temporary fix to the costs of dying.

This post was edited on 10/31/12 at 2:27 pm

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Posted by TheHiddenFlask

The Welsh red light district

Member since Jul 2008

18384 posts

Posted on 10/31/12 at 2:40 pm to Bama98

quote:
custom

quote:
variable

I know nothing about this insurance, but I know enough about financial products to know that they most likely translate into:

Expensive

and

Egregiously Expensive

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Posted by BestBanker

Member since Nov 2011

17493 posts

Posted on 11/1/12 at 9:04 am to Bama98

Life insurance is life insuance, and investing is investing. Keep the two separate.
The type of policy to own is an indiividual, case by case consideration.

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Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 11/9/12 at 9:08 am to Bama98

What is the purpose of life insurance? The only purpose that matters is to provide a death benefit. Everything else is just packaging to make it more appealing. If life insurance was intended to be anti-poverty in my old age insurance it would be called that.

I got news for you about renting insurance, it is unavoidable. Do you consider owning your health insurance, auto insurance or homeowners insurance? No, and you don't own your life insurance. You own a separate investment that historically performs very poorly compared to alternatives.

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