Life insurance - I talked with a financial advisor who is going over risk and long term planning for me and my husband. He recommended I get whole life insurance on top of my PwC plan...(contd)

like
Posting as :
works at
You are currently posting as works at

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

likehelpful

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.

like

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.

like

Do you have kids? If not, I don’t think you need life insurance at all

like

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.

like

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...

like

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

like

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.

like

@EY 2 I’m 51, the term premium for my 1.2M policy with EY is very reasonable.

like

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.

Related Posts

Anyone working in BFS project in Publicis sapient? If so, have you guys submitted your trading account details?
Publicis

Planning on joining Deloitte as a SM in Healthcare Consulting. Can anyone comment on how the path to MD or Partner look like? E.g. number of years etc

likehelpful

Just cleared conflicts for a big law firm so I can officially leave my toxic mid-size insurance defense firm. I’m planning to give notice Friday, but should I get the start date first? The recruiter said they’d like me to start 11/15. And I seriously want to give notice soooooo bad. I’m so excited to leave that I literally cannot think straight 😂

like
like

Is moving from Seattle worth it? I've heard the freeze is still in affect in Portland but I'm more worried about prices. I WFH mostly and pull down like 120k a year, Seattle is getting crazy expensive rent wise and crazy full. I'd like to find somewhere new but stick to the PNW.

like

What are some agencies that have strong of culturally relevant work/clients? Tired of working with healthcare and trying to make a move into something I’m more interested in or cooler at least

like

What do strategy positions within health systems do? e.g. director of strategy...I work in HC strategy now and am curious how similar the roles/responsibilities are.

like

Anyone have any experience of doing a job based in the US but being a Canadian resident? It would be fully remote with some travel to US and CAD. How did you learn about work visas? How did they pay USD/CAD? Did you end up paying more tax? I know we have a treaty…but struggling to know how to navigate it with my best interest at heart

likesmart

Experts - Best redemption option for Amex reward points (the ones that come with standard green Corp Amex card)??? I use them on Amazon but checking to see what other options are better...

like

What are you doing for a retirement plan as an independent consultant? Solo 401K, SEP IRA, etc.? Any recommendations on where to open an account?

like

Hello, I am a healthcare professional looking to get into practice management. I have a background in physician compliance and a masters in healthcare administration. Any tips on how to get into practice management?

like

It looks like Y&R healthcare is looking to expand... what’s it like? The accounts, culture, management, etc.

like

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

Hi everyone, I'm knew here. I was wondering if anyone had any idea what salary are like at ViiV Healthcare? I'm considering applying for a role there. Thanks

like

Has anyone pursued an advanced degree like a masters, after getting established in healthcare? Did your salary increase?

likesmart

Will be credentialing a clinician going solo with 3 insurance companies. Clinician asked for my rates, what should I charge them?

like

How’s life at Digitas Health NY?

like

I’ve been hired by a health benefits startup with only consulting experience. Any recommendations for books, blogs, or online course material to get myself as oriented as possible before starting in 2 weeks?

like

Anyone run a side business for the tax benefits? Thinking about things like the over 6000lbs vehicle tax deduction, home office deduction, etc. What sorts of business do you all have?

like

What is a good introduction book on investing?

More Posts

My boyfriend lost his mother few months ago. It was very unexpected. How can I support him going forward ? He talks way less as he’s slowly realizing she’s gone and he’s very sad. I don’t know what to do beside being there for him and giving him space when needed. He said I’m very supportive but I’m a bit scared this will affect our relationship as a couple on the long term. Any advice is appreciated, thank you.

like

I am looking for a new job will they accept notice period of 90 days

like

I applied for a senior SWE position for Elastic over 11 days ago and they haven't replied to it.

Does this mean I already wasn't considered or is it too soon to say?

like

BDRs: Can I get some honest reviews and experiences from your time as a BDR? I’m making the pivot from 5 years in the sports industry (plus 2 years exp of direct sales at Spectrum). Just received an offer from Zoom ($21 an hour base. Seems low imo?) Negotiating this week and want to see if it’s worth it. Thanks everyone

like

Hi, any thoughts on FIG?

like

Fellow fish, looking for a recommendation at PwC . Saw a role I'm really interested in the EUR team at Strategy & London. I'm happy to share my CV and motivation for applying, please DM if you can help. PwC Strategy&

like

Does it actually make you more competitive as an applicant to have multiple bar admissions in surrounding states? Wondering if it’s worth waiving into other jurisdictions.

like

Hello everyone, this appl has been very helpful so far. I'd like to start reaching out to people in the chats, so please like my post so I can have that access.

likehelpful

I love this so much!

Post Photo
like

Currently have a SeaMaster that takes the brunt of my everyday use, looking for a thinner watch (I know very vague) any ideas? Looking for something at a lower price point as well!

like

Hi fishes, thinking for switching to other consulting firms. Current job at EY requires too much travel. So, I wanted to know travel policies of other firms before making the switch. Do employees get to travel business/ first class or it is economy only for both domestic and international? How good is company policy for ground transport, hotels and meals?

like

For anyone who receives a quarterly bonus or raise in some form, does your employer start to schedule you for less hours when your raise kicks in, or pull you from a future schedule entirely once you receive a bonus; only to put you back on once the hours you would have worked and earned the amount given are passed? Ie; a part time employee getting $200.00 in a quarterly bonus and then not being scheduled a whole week during a bi-weekly pay period where they would have earned more on the clock…?

like

My students come to my class first every morning and are really hard to settle. They continue to carry on whatever they were doing on the bus. It takes about 20 min to get them settled down and doing the warm up and the class is only 45 min. Any tips?

like

Any protein powder that I can use in pregnancy? Was looking into kachava but it has monk fruit.

like

I am actively Looking for Job Change in UAE, Qatar having 2.7+ yrs of experience in Cyber security domain ,#cybersecurity, #networksecurity , #SIEM , Log analysis, incident response, threat hunting and vulnerability assessment.

Ready to relocate , Any leads could be helpful for me.

Hope to hear from you soon.

For further information please contact me.

like

Let’s share dumb client stories!

How much time does it take for wipro to release offer letter?

like

Hi All,
Need suggestions here. Please help me out. I was interviewed with
IBM and got selected. Waiting for offer letter. Meanwhile got selected in another company and got offer too. Put down my ppr. Offer from another company is way beyond than IBM almost 22% more in terms of fixed. Now I’m confused that once IBM releases their offer then should I ask them to match with my holding or not ? Will they consider for negotiations? What’s your thoughts? IBM

Favorite plain t-shirt brands? Looking for something soft but durable, both v-neck and crew-neck.

like

What is a fair compensation for a Disney cruise line Digital Product Manager with 4+ YOE? Currently in the interview process.

like

Additional Posts in Accounting

Thank you Jesus for blessing me with a passing REG score. You did it all! ❤️

likefunnyupliftingsmart

"Comprehensive" Big 4 Benefits Comparison. I work at EY and after reading these message boards, I feel like my firm has the worst benefits. I thought it would be interesting to do a comparison...cont

like

Anyone knows anything about PwC’s global structuring (tax) group? Seems like it’s under international tax.

like

Tax busy season over for me. No days off from February first. Been a while.

like

Every single day I have meeting after meeting after meeting. I literally have maybe 1-2 hours a day to myself to get things done. How do I fix this???

likehelpful

Audit Manager or Senior on the Manager path:
If you don't like what you do, why/how do you stay until now?

like

President Obama has the largest deficits, deficits will total $6.616 trillion. W Bush had twice as less. Let's hope the number will go down again.

like

So "J" in US is like blow in UK. Comprende?👍🏼 gimme five if u get it....(high n low)

like

Drove behind an EY3030 license plate today...sounds about right.

like

How long does it take from the moment one applies for the CPA, to actually receiving it in NY?

like

Pursue manager promotion in core tax compliance or pursue transition to M&A tax but remain SA. I am a Macc CPA.

like

S2, audit, Dallas

Thoughts on exiting to a small legal firm? They currently have one person in their accounting “team”. Looking for an addition because they are rapidly growing including starting another software firm. Possibly a future CFO position.

120-135k salary
40hour/week max

Thoughts?

like

Why are women so critical of other women @ work? Commenting on each others clothes and talking shit when we should be supporting each other. Cheers to all the hardworking, ass-kickin ladies out there!

like

Thinking of moving to pwc, what is the wealth builder? Like why dont they just use a traditional 401k? What are important facts about it?

like

If you are starting as an Audit Associate some time from now with Deloitte or any of the big 4, do they expect you to have passed/completed all 4 parts by the time you start? Received the Becker Reimbursement email from the recruiter not too long ago but have yet to start. I’ve seen plenty of people get to Senior at a big 4 firm without the CPA so I am a bit confused in that aspect. Any helpful feedback will be very much appreciated.

likehelpful

Anyone put in their two week notice recently? Putting mine in tomorrow and wanted a template/example

like

I have an offer doing pretty much my same job at a smaller firm. It’s only a 6% base raise but they are giving me a bonus each year to make up for the amount my salary falls short of the salary number I gave them that it would take for me to leave. Would you take the offer?

like

Are the big4 having layoffs in any of the their service lines?

like

Just got through my first year end review cycle. Employment is still intact even though I'm on a PIP so that is a huge relief considering what I've been reading here.

like

For those who switched from one Big 4 to another, which firm did you switch from and went to? What motivated you to change and how did it work out for you?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal