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Message
Term life vs Whole life
Posted on 4/27/14 at 1:28 pm
Posted on 4/27/14 at 1:28 pm
Financial advisor tried to sell me on whole life insurance. I don't typically think this is a good investment idea and I know this is what his company specializes in. What is your opinion on term vs whole?
5
Posted on 4/27/14 at 1:36 pm to TigerSaint1
Typically not a good investment, but everything you get does not need to be for the sole purpose of investing. Depending on your current and future situation it may benefit you to have some, I have about 15% of my total life insurance in whole life, it works for me
Posted on 4/27/14 at 2:17 pm to Tigerpaw123
What does whole life invest in? I have some because my advisor told me I'm conservative with investments (and could afford it). I like my advisor but they all do what is best for themselves, and I'm sure he got a great commission on selling it to me.
Anyway, if the stock market goes stagnant, does whole life also? I just know it is "conservative" but I don't know what it really means.
Anyway, if the stock market goes stagnant, does whole life also? I just know it is "conservative" but I don't know what it really means.
Posted on 4/27/14 at 2:41 pm to AndyJ
Whole life has zero correlation to the stock market.
Posted on 4/27/14 at 3:45 pm to TigerSaint1
in
Posted on 4/27/14 at 4:44 pm to TigerSaint1
quote:
What is your opinion on term vs whole?
Whole is always a rip off and you shouldn't buy it. The only people who should have whole life are people who have a policy in place and have become uninsurable while having it.
Posted on 4/27/14 at 5:06 pm to Huey Lewis
Was om this same delima last year. Ended up going with term since I am financially responsible and feel in 20 years I will not need insurance.
IMO whole life only makes sense if you need a tax shelter to dump extra income in. my .02
IMO whole life only makes sense if you need a tax shelter to dump extra income in. my .02
Posted on 4/27/14 at 5:10 pm to Huey Lewis
quote:
whole life only makes sense if you need a tax shelter to dump extra income in.
Bingo! And to hedge riskier investments.
quote:
Whole is always a rip off and you shouldn't buy it.
He poor.
This post was edited on 4/27/14 at 5:14 pm
Posted on 4/27/14 at 5:50 pm to TigerSaint1
quote:
Financial advisor tried to sell me on whole life insurance. I don't typically think this is a good investment idea and I know this is what his company specializes in. What is your opinion on term vs whole?
Find a financial advisor that sells advice, not insurance.
Posted on 4/27/14 at 7:19 pm to Huey Lewis
up there with the dumbest shite I've ever read. Easily top 10.Posted on 4/27/14 at 8:03 pm to TigerSaint1
how many threads do we have on this? Whole life is favored by insurance agents
the rest of us prefer term life
the rest of us prefer term life
Posted on 4/27/14 at 8:16 pm to 756
quote:
how many threads do we have on this? Whole life is favored by insurance agents the rest of us prefer term life
Rich people like whole life insurance.
Posted on 4/27/14 at 8:34 pm to reb13
quote:
Rich people who understand risk and economics like whole life insurance.
FIFY
Posted on 4/27/14 at 9:40 pm to reb13
quote:
Rich people like whole life insurance
What does that have to do with the OP's question? The insurance needs of a person with average income and assets are rarely the same as those of a person with high net worth and/or income.
Posted on 4/28/14 at 8:52 am to EA6B
quote:
What does that have to do with the OP's question?
Nothing I just like to sound like I know what I am talking about.
Posted on 4/28/14 at 9:09 am to Janky
quote:
quote:
Rich people who understand risk and economics like whole life insurance.
FIFY
Rich people don't need life insurance
Posted on 4/28/14 at 9:11 am to ATL TGR
And they're not using it as life insurance...
Posted on 4/28/14 at 9:17 am to ATL TGR
quote:
Rich people don't need life insurance
bullshite
quote:
And they're not using it as life insurance...
They are not using it as income replacement. But the IRR is pretty good and they can appreciate it.
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