Thoughts on whole life insurance vs term insurance. If you went with whole life, was the tax shelter worth the high up front fees? If you opted not to, why not?

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I stick with insurance for insurance, and investments for investments. There are lots of tax strategies that don't involve making your broker $10k+ in commission. As with anything, look at who's getting paid, and what they're getting paid for.

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My uncle swears by whole life insurance. Also, he used to sell insurance and funded his “whole life” (including early retirement) by selling whole life. So clearly there are some incentive misalignments there…. Term is cheap. We got different durations (10-yr, 20-yr) in our 30s with the goal of building enough wealth by 60 that life insurance wouldn’t be necessary

I went for a combination of both. Whole life also allows you to access cash value - so you don’t have to wait till you die to use the cash. 😁

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I originally bought into whole life as a wife of receiving near tax free income in my 60’s vs my expected 40%+. I thought the fees were worth the tax savings. 3 years in, I revisited it and it did not. I would not recommend whole life and support the idea of term for life insurance and investments for retirement.

I got term life just to take me til I’m 50. Then I’m dropping it because I should be $10-14M which is enough for my fam if I pass away. Only taking it til I was 50 also kept the rage down as well.

Appreciate the firsthand experiences. Sticking to term insurance then

Really? I'd use more than just some random personal experiences of people on a bulletin board to make a decision like this.

I have variable

Term just through the firm, but the variable was a better investment vehicle than the whole with better returns and lower cost

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