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Whole life is a scam. There’s a reason it is literally ALWAYS the first product they recommend to EVERYONE. They make bank off their clients by robbing them in the form of whole life insurance. Take the money they want you to put into whole life and buy a term policy. Then take what’s left and put it into a mutual fund instead. You’ll be way better off
P2 not totally true. My husband and I don't have kids but we both have life insurance. We both make good money but if one of us were to die, the other wouldn't be able to afford our monthly mortgage and all our other bills. A small monthly payment to ensure if he dies I don't lose a husband and the home we built together is well worth it to us.
EY 1 is 100% correct. The salesman/broker gets 90% of your first year premium as a commission when they sell you a whole life policy.
Do you have kids? If not, I don’t think you need life insurance at all
Buy Index life or universal life instead, and I would not listen to EY1. Whole life products does guarantee a return. The dividend starts to paying the premium at certain point of the policy. It’s a type of product you would want when you wanna leave something to your beneficiary regardless when you die. If you bought whole life between 2001-2006 you probably made out like a bandit, it’s all about when and how you buy it.
If my wife died and we had no kids to raise I think it would be healthy to sell the home we built together. I'd want to be able to remember my deceased spouse, but not be immersed in the memory of what once was...
Whole life has it's place as does universal. With term, just wait until you reach 50 and it's not affordable. With whole life or universal my dividends can pay my premium and it's not cancellable. Plus its the single best place to stash cash and build the currently 4 per cent dividend. When rates go up your dividend rate will climb too. And 4 per cent is the floor
And it's tax deferred until you pull it out. So it's closer to 6 per cent for me fully guaranteed and insured. I am.closing in on 100k of cash value and getting near 4k per year of tax deferred interest adding to my cash value. And it's readily accessible cash should I need it.
Anyone who tells you to avoid it does not fully understand insurance or is too young to appreciate the high rate of term life once you hit 50 or get seriously ill
The PwC life insurance gives you a pretty generous amount, but yeah if you are attached to your house as well then it may be worth it. I’m in a similar situation with my fiancé but we’d expect to sell our house in that situation.
@EY 2 I’m 51, the term premium for my 1.2M policy with EY is very reasonable.
Of course I’m shopping around rather than just taking the quote he gave me. I heard AICPA has great plans but they don’t seem to have whole life? Has anyone else done this analysis and if so, where do you get whole life at a good rate?
Agreed with above he's only selling you whole life bc he makes way more money. Go with term life and ignore his BS
Yes we have 3 kids, so definitely need it. It seemed to make sense as he showed us how we could draw from the whole life policy in our first year of retirement and the impact on our 401K growth over the next 10 years of retirement would be substantially more. He wasn’t recommending doing all whole life; about 80-85% coverage in term life and the rest whole life
Finally someone who has an understanding of insurance!
Thanks EY2. That’s how he explained it and it made a lot of sense. My husband and I are in our early/mid 30s but with 3 kids we want to make sure we’re looking long term, not just what’s cheapest now
@EY2 what do you need life insurance for when you are close to retirement and the kids are out of the house?
My broker wouldn't even go over whole life insurance. He said it's an antiquated form of permanent insurance that lost popularity in the late 90s/early 2000s. There are other permanent insurance options available, but if you are in 30s, might be better off going term life and then optioning to convert to a permanent insurance down the line. It keeps the premiums much cheaper but makes sure you are covered forever should you foresee the need to get additional insurance closer to retirement. I went with a term life to cover my family for something unexpected. As I get closer to retirement age I'll decide whether or not to convert to permanent as an estate planning tool (inheritance for kids), but as EY1 mentioned, taking the difference in premium and putting in an index fund might be better off, depending on the market.
I was a licensed life insurance agent and it's true. Whole life will be #1 product to sell to customer. Glorify them that there is an investment vechicle too, can always take a loan when necessary and guaranteed for life. It's a scam! If you die, your beneficiary will eithet get the investment portion nor the death benefit but not both. What? So why would I pay a premium to have both but only pay out one when I die? It's a scam. Get TERM and invest the difference in mutual funds.