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Life Insurance and IRA differences
Posted on 4/7/13 at 2:55 pm
Posted on 4/7/13 at 2:55 pm
A friend of mine mentioned that he has a $250,000 whole life insurance plan and was not interested in an IRA. I do not know what makes either the better option. I have a Roth IRA and a term life policy. Should I have a whole life instead of either or both ? Or what ? I am not sure.
Your thoughts
Your thoughts
2
Posted on 4/7/13 at 3:15 pm to thelsutigers
I think I might understand what your friend is doing, because I do the same thing.
I own multiple WL policies to serve as my "tax-free liiquid bond" account.
Death will occur, so this is covered with the benefit. The cash is liquid and I use it for investment opportunities or low-interest loans for capital purchases.
The Roth IRA is chassied from life insurance, and traditonal IRAs follow the annuity concept.
I own multiple WL policies to serve as my "tax-free liiquid bond" account.
Death will occur, so this is covered with the benefit. The cash is liquid and I use it for investment opportunities or low-interest loans for capital purchases.
The Roth IRA is chassied from life insurance, and traditonal IRAs follow the annuity concept.
Posted on 4/7/13 at 3:30 pm to BestBanker
Ding ding. Couldn't have said it better.
Posted on 4/7/13 at 3:31 pm to thelsutigers
No, you're doing the right thing. If you want WL, go ahead and buy it, but not as a replacement for your Roth. I personally think WL is a rip off, but I know some disagree with me.
Posted on 4/7/13 at 3:39 pm to Vols&Shaft83
Thought the whole life plans were a rip off too, but didn't know much about them. So it sounds like I should max out my Roth and get a WL policy.
Posted on 4/7/13 at 9:36 pm to thelsutigers
Again. This is awesome.
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