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Started By
Message
Custom Variable vs Term Life Insurance Opinions
Posted on 10/31/12 at 12:51 pm
Posted on 10/31/12 at 12:51 pm
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?
4
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
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
Posted on 10/31/12 at 2:44 pm to TheHiddenFlask
Can be. Lots of times however they are pretty cheap as it allows you to greatly adjust your premiums (usually causes bad underfunding a d lapsing of the policy or huge step up in premium down the road).
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.
The type of policy to own is an indiividual, case by case consideration.
Posted on 11/8/12 at 10:47 pm to BestBanker
Life insurance is and investment are two different things.Life insurance will act as an Asset in your bad time. If whole life insurance is costing too much find a low cost term life insurance. Which will act as an asset for you.[link=(low cost term life insurance)]https://finance4founders.com/things-you-should-know-low-cost-term-life-insurance.html[/link]
Posted on 11/9/12 at 12:10 am to TheHiddenFlask
Custom variables are extremely
heavy on loading. Just took a test on this today.
heavy on loading. Just took a test on this today.
Posted on 11/9/12 at 12:12 am to TheHiddenFlask
(no message)
This post was edited on 11/9/12 at 12:13 am
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.
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.
Posted on 11/9/12 at 9:30 am to Poodlebrain
quote:
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.
Let me preface by saying I can't stand custom variable policies, but...
Comparing permanent life insurance to health, auto, homeowners is dishonest at best. Term insurance, yes, they are similar.
As far as the investment success is concerned, what do you consider performing poorly?
Posted on 11/9/12 at 10:06 am to GoCrazyAuburn
:andherewegomeme:
Posted on 11/9/12 at 10:10 am to CoolHand
Truth.
I may need to just avoid this thread today so as to not clutter up my Friday
Posted on 11/10/12 at 11:43 am to BestBanker
quote:
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.
Right answer. Your coworkers finance guy who used the word "rent" is an idiot. Life insurance is death protection, not an investment. Ask him how he feels about "renting" his auto insurance or how his investments in his homeowners insurance policy are performing? Any form of whole life is shite; that's a fact. Every advisor not paid promoting a specific product suggests term insurance and investing in a separate forum like Roth IRAs, 401k, etc.
This post was edited on 11/10/12 at 11:48 am
Posted on 11/11/12 at 11:51 am to jdg91878
you sound like a Dave Ramsey robot clone. Your ignorance in the above post knows no bounds and you are factually incorrect. This guys situation is different that is why there are many products. There is no one size fits all approach (like dave says)
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