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re: Whole Life Insurance Lapse Rate
Posted on 1/26/14 at 10:21 pm to GoCrazyAuburn
Posted on 1/26/14 at 10:21 pm to GoCrazyAuburn
quote:
Ah, finally, you've stumbled into the correct realization. People don't understand the product, agents are dishonest, and sell it to people who are not in the situation to need or afford it. Thank you for finally admitting it. None of this makes WL bad. It makes agents who don't do their job bad.
Okay. How do know if I am in the 80% of idiots or the 20% of smart people? You have already admitted I can't trust my agent. All I have to go on is the lapse rate. Which is 80 fricking percent.
2
Posted on 1/26/14 at 10:29 pm to Stingray
quote:
Okay. How do know if I am in the 80% of idiots or the 20% of smart people?
Do your homework. Budget properly. Avoid being the lapse due to not being able to pay. If you don't like WL on the principle of its design, then don't buy the product. What if you are one of those who surrenders the policy from year 30-50? You'll get your money back plus interest. Or what if you use your dividend to pay your premium and you get all your cash value tax free?
quote:
You have already admitted I can't trust my agent.
link? I said there are bad agents. That doesn't engulf everyone.
Look, if you want to buy term and invest the difference, go for it. The lapse rate isn't going to change your ability to keep your policy. If you think WL is something worth keeping, you'll find a way to do it. If you think it is a poor product, which you obviously do, then don't buy it. Basing your decision on what others do is just foolish though.
ETA: as I've already said, you are trying to blame WL policies for lapses. This is a completely flawed argument.
This post was edited on 1/26/14 at 10:34 pm
Posted on 1/26/14 at 11:53 pm to Stingray
If you at least double the contribution rate, you are on the smarter side. If you pay min each month then you will be the 80 percent statistic.
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