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re: Everybody wants to sell me insurance...
Posted on 3/22/14 at 8:36 am to white perch
Posted on 3/22/14 at 8:36 am to white perch
quote:Way too vague to give one answer. It depends on what your needs are. You being as young as you are, and I will presume you are healthy, you can should definitely get it now. If you aren't married I would say get a UL. I don't like term myself because I don't like throwing money away. Only 2% of all term policies payout. If you do get term get a return on premium. You will pay a little more, but you will at least get all your money back, but even saying that has its draw backs. If you get a 20 year ROP term and it matures, you will get all the money back, but the value of the dollar 20 years from now will be substantially less than it is now. In this scenario it just depends on your aversion to risk.
...which ones do I need?
1
Posted on 3/22/14 at 9:30 am to MontyFranklyn
quote:
I don't like term myself because I don't like throwing money away.
quote:
You will pay a little more, but you will at least get all your money back,
Yeah because it's better to pay a much higher premium, and get back your principle in 30 years than it would have been to save all that money on a term policy and invest it yourself and earn 7 % per annum over 30 years.
Term life is the way to go 98.7% of the time-cover your risk affordably and invest the difference or use it to get better disability or critical illness coverage. Use whole life for an entirely separate strategy, and only AFTER a 30 year term is in place.
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