{ "media_type": "text", "post_content": "Anyone here invest in whole life insurance? I just started working with a financial advisor and I'm questioning whether this is pretty commonplace for lawyers/ a good idea. Just want to hear if anyone has an opinion on it. Thanks!", "post_id": "605df3bf6ac28e0028eb9e42", "reply_count": 20, "vote_count": 1, "bowl_id": "5df70ed2f7169f002b172d3f", "bowl_name": "Big Law" }

Anyone here invest in whole life insurance? I just started working with a financial advisor and I'm questioning whether this is pretty commonplace for lawyers/ a good idea. Just want to hear if anyone has an opinion on it. Thanks!

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I have studied personal finance for many years. I still do. It’s a side interest. I also used to be a stockbroker in a prior life. I know most ways financial advisors take advantage of clients. The financial advisor is taking advantage of you and your peers. Why? Whole life pays them a higher commission than term. It’s a scam. I strongly recommend you educate yourself on the topic and not rely on another for advice. To start, start listening to a podcast called Choose FI. It’s about all things personal finance, but life insurance is discussed in detail.

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Thanks very much for this!!

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Stay away from while life insurance! It’s very expensive. It also pays high commissions to the financial advisor. Go with term life insurance. It much cheaper. I would also stay away from any financial advisor if she/he is recommending whole life insurance.

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Whole life insurance is almost never a good idea for the purchaser, although it often gets pushed because it pays a very high commission to the people selling it. I recommend checking out Bogleheads.com. Their forum includes a lot of great information. Their "Personal Finance" sub-forum literally has a stickied thread that says: Be Wary of Whole Life threads. This is a pretty classic trap. Run, don't walk, away from this salesperson. If you want life insurance, it's almost always better to buy (much cheaper) term life insurance and invest the difference.

likeuplifting

Wow I'm seriously so glad I posted here about this thanks so much for the feedback!

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Interesting, this financial advisor is through northwestern mutual so that's what they do (sell life insurance) stating to really question this

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I think rates go up by 35 for sure just don’t know how long one has before a rate jump so getting it before 35 should get you a lower rate.

Do NOT do whole life. It is a HUGE scam. If you’re looking for a financial advisor I highly recommend the following person (he specializes in managing lawyers’ money and can tell you why whole life is a scam): Tim Corriero, J.D., CFP Juris Wealth, LLC Tim@JurisWealth.com (415) 990-1133

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I’ve also worked with Northwestern. Ppl don’t like them but I got supplemental disability from them. If u want to work with them on other products, make sure you take them on a ride not the other way around. I signed up for a product after almost 3 months of questions and pushback. In the end I agreed to a much different supp. disability insurance product than the one they recommended initially because it thought it fit better. They’re pushing me to get whole life and I’m against using life insurance as an investment strategy. So I just told them to stop pushing it. Might explore other stuff with them but otherwise approach them with caution and with eyes wide open so you make the right decision for you.

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If your life insurance terms are more complicated than a check gets cut when you die, then you can assume the complication benefits the insurance company. Just use term life. Invest somewhere else.

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I got the name by a few lawyers at my firm who all vouch for him

Haha I know right

Does he service attorneys nationwide?

Yes

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