So a lot of hate towards Whole Life Insurance, could someone please explain why they are so bad? Thanks

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Because if you took the monthly premium for whole life and bought term life insurance (waaaaay cheaper) and invested the rest you would have waaaaay more money than whole life provides.

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To put it into perspective a whole life policy may cost you $130 per month and the term coverage would only be $25.

Expensive, and not the point of life insurance. The goal is to replace your income if you pass away with dependents. Providing a guaranteed death benefit, long after you have any dependents, is generally not needed.

Almost always, you’re better off investing your money elsewhere and paying significantly less for term life, which will actually accomplish the goal of having life insurance.

likesmart

Hmm not sure if I agree. What if you die within the year of getting the policy? There is no way you can accumulate enough wealth through investments to cover your family.

You build a very small amount of cash value each month. That’s the point. If you paid less for term coverage and invested the extra you would have way more than the cash value in a whole life policy.

Double indemnity

Plain English....

Bad! Look into term life

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