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Life Insurance and general more
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<blockquote data-quote="TexasFJR" data-source="post: 200009" data-attributes="member: 4310"><p>Whole life is one of the worst financial products on the market today. It is very expensive, so take the difference in policies and invest to become self insured. There is never a time when it is financially wise to have a whole life policy. The only time you should have whole life is if you already have one and can’t get any other form of life insurance.</p><p></p><p>Dont take my word for it, just look at the numbers:</p><p></p><p>For example, a 30 year old can buy a $500k term life policy for $420 a year vs. $3600 per year for Whole Life. That's $3180 difference....why the difference...mostly fees.</p><p></p><p>After 20 yrs of investing your difference in a mutual fund making 12% return, you will accumulate <strong>over $256,000.</strong></p><p></p><p>You have just become self-insured. Plus, by then you have accumulated wealth within your retirement plan...never use insurance as your retirement plan.</p><p></p><p>This does need to be part of your entire financial planning: Be debt free, have an emergency fund, health insurance, TERM Life Ins., and invest 15% for retirement.</p><p></p><p>OK....soap box ended. :winksmiley:</p></blockquote><p></p>
[QUOTE="TexasFJR, post: 200009, member: 4310"] Whole life is one of the worst financial products on the market today. It is very expensive, so take the difference in policies and invest to become self insured. There is never a time when it is financially wise to have a whole life policy. The only time you should have whole life is if you already have one and can’t get any other form of life insurance. Dont take my word for it, just look at the numbers: For example, a 30 year old can buy a $500k term life policy for $420 a year vs. $3600 per year for Whole Life. That's $3180 difference....why the difference...mostly fees. After 20 yrs of investing your difference in a mutual fund making 12% return, you will accumulate [B]over $256,000.[/B] You have just become self-insured. Plus, by then you have accumulated wealth within your retirement plan...never use insurance as your retirement plan. This does need to be part of your entire financial planning: Be debt free, have an emergency fund, health insurance, TERM Life Ins., and invest 15% for retirement. OK....soap box ended. :winksmiley: [/QUOTE]
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