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re: Opinions on life insurance for your kids?
Posted on 1/28/15 at 11:59 am to Ole War Skule
Posted on 1/28/15 at 11:59 am to Ole War Skule
quote:
virtually ALL whole life policies are terrible 'investments' and only useful in VERY special circumstances. Children certainly don't need life insurance and you're just throwing away money that could turn into something substantial if saved instead
Silly statement. They can be useful in lots of very un-special situations. Define "terrible investments"
quote:
$24/month at 8% return becomes $15,000 in 20 years or $37,000 in 30 years or $445,000 in 60 years or $992,000 in 70 years
You are going to get 8% after taxes every year for 70 years in the market? okie dokie.
1
Posted on 1/28/15 at 2:18 pm to GoCrazyAuburn
quote:
Silly statement. They can be useful in lots of very un-special situations. Define "terrible investments"
It is not a 'silly' statement, but the consensus of the VAST majority of financial planners, advisers, and other experts not selling insurance. Whole life is a flat out scam loaded with fees, commission, and risk that is only useful in very, very few tax planning situations.
quote:
You are going to get 8% after taxes every year for 70 years in the market? okie dokie.
The S&P has returned 9.75% (dividends reinvested) over the last 50 years, so I think 8% is very reasonable. Who said anything about 'every year' and who said anything about 'after tax'?
If you think whole life is a good investment vehicle for the OP, you either sell insurance or have no idea what you're talking about (or both).
okie dokie....
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