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Posted on 7/30/10 at 3:38 pm to Glock17
Like others have said, Term live is to cover you family of your lost imcome needs inf you die.
I actually went with three seperat term life policies. I have a 10, 20, 30 year policy
The figure being that in 10 years i will need lees insurance to pay off house and kids college (and cover less of my working years)
Who life is part life insurance, part retirement plan since it has a cash valve, but a cash value worth pennies on the dollar vs a true investment
Your best bet is take stageed term policies and the difference you would be paying for whole life, put in a retirement account...
I actually went with three seperat term life policies. I have a 10, 20, 30 year policy
The figure being that in 10 years i will need lees insurance to pay off house and kids college (and cover less of my working years)
Who life is part life insurance, part retirement plan since it has a cash valve, but a cash value worth pennies on the dollar vs a true investment
Your best bet is take stageed term policies and the difference you would be paying for whole life, put in a retirement account...
Posted on 8/1/10 at 6:50 pm to tigeraddict
JPLSU1981
This is the only one hear that knows what they are talking about. Whole and term life are totally different products designed to accomplish different things. Its a bit like having a long term investment account and after 6 months quitting and saying, oh I tried that and it didn't work. Whole life can protect you from not being insurable in the future, it provides tax free dollars in retirement, it can supplement your rainy day fund without forcing you to dip into long term investments. Another thing, some people look at life insurance to pay things off when a spouse dies, I admit I am pretty young but I like to look at it as what is my economic value to my family and base that on the policy amounts I get. Just a thought to consider.
This is the only one hear that knows what they are talking about. Whole and term life are totally different products designed to accomplish different things. Its a bit like having a long term investment account and after 6 months quitting and saying, oh I tried that and it didn't work. Whole life can protect you from not being insurable in the future, it provides tax free dollars in retirement, it can supplement your rainy day fund without forcing you to dip into long term investments. Another thing, some people look at life insurance to pay things off when a spouse dies, I admit I am pretty young but I like to look at it as what is my economic value to my family and base that on the policy amounts I get. Just a thought to consider.
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