College savings plan: 529 vs Whole Life - Page 2 - TigerDroppings.com

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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56006 posts

re: College savings plan: 529 vs Whole Life


You sell insurance don't you?





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Python
Prairieville, La.
Member since May 2008
4356 posts

re: College savings plan: 529 vs Whole Life


Ned? Ned Flanders?





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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
14269 posts

re: College savings plan: 529 vs Whole Life


I do, have never tried to hide that fact, and most on here would back me up that I try to make unbiased arguments without soliciting or recommending specific companies (unless asked)

However, none of this answers the question I asked or have any relevance to the discussion. There are plenty of reasons WL may not be a good option here, however you haven't argued anything other than "it's an insurance policy", which isn't really a valid argument.



This post was edited on 7/29 at 4:28 pm


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56006 posts

re: College savings plan: 529 vs Whole Life


quote:

I do, have never tried to hide that fact, and most on here would back me up that I try to make unbiased arguments without soliciting or recommending specific companies (unless asked)


Ok, I honestly didn't know that's what you did. I usually see the insurance folks push their products hard. Those of us who can sell insurance plus all other investments tend to side on the investment side most often than not. I don't have much time because I have to go buy my second vehicle in 3 days but let's start here. If I dump $10,000 into a whole life policy how much will I pay in expenses. I'm talking about M&E and everything. Let's say a 10 year old girl, living in Louisiana. You can figure out the coverage limits.

The one thing I do like about insurance is tax free loans. So I'll immediately give you that one.






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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
14269 posts

re: College savings plan: 529 vs Whole Life


quote:

Broke




Didn't mean to come off as hostile in that last post, just tired of the attitude that selling the stuff disqualifies the argument (obviously much of the stigma is brought on by bad agents). As I said earlier too, in an ideal world I would use both options, small WL policy and a well funded 529 plan, securing guaranteed growth and capturing the abilities of the market. . Nobody should put everything in WL for retirement or whatever the goal. Invest as well diversification, all that jazz.


Well, for starters you wouldn't be able to just dump the $10K into the WL policy on a 10 year old(without it becoming a MEC), the gov't has put a stop to that. So, if an initial lump sum is desired, tht is an argument against doing a WL policy.

As far as overall cost of the insurance, so many variables in that it is hard to say. Depends on what company you are looking at, type of policy, what underwriting tables they are still on. Where I was going with this line of question was whether or not you were basing the cost of a WL policy off of some adult rates. Not knowing you had the ability to look at some companies policies.



This post was edited on 7/29 at 4:53 pm


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