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MyDreamHome | Is Universal life insurance a wise tool for retiring early? |
We have universal life ins policies. Was listening to a radio prgm that says they are bad "investments". We want to retire early, so we need to have something other than IRA and 401 K to have money to spend at 55. Our agent says it is the only way to have "tax-free" money until we reach 59 1/2. What do you think.
Additional Details
I have to add that we don't qualify for a roth IRA - Small business owner. |
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Richie Rich
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Insurance is never a wise investment tool. Just because you are a small business owner does not disqualify you for a Roth IRA. Combined AGI over $150k would.
You may want to look into other retirement type accounts. Non Qualified accounts for example can grow tax deferred and don't always have the same age restrictions.
Since your agent told you that, get a new agent. He either doesn't understand retirement planning or is running short on cash right now and needs a commission check. |
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Insurance Pickle.com
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They aren't investments. They are a way to keep insurance longer than term insurance will cover. Tell the agent that you can stick your money in your mattress and take it out 15 years later tax free as well and the rate of return will be about the same.
Universal life is not a bad product, but it's not a retirement vehicle...it's an insurance plan.
If you need insurance then you can take advantage of the savings aspect, but without a need for insurance then the policy is useless. Your income/tax bracket is a big factor in the ultimate answer.
http://www.InsurancePickle.com |
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aaron p
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Your agent is wrong. There are other ways to save non-qualified money in a tax-deferred manner and still allow penalty-free withdrawals before 59 1/2. Like any other non-qualified contributions, the money in universal life policies is taxed on the way in. The withdrawals are only income tax-free if the policy stays active for the rest of your life, which could be a lot harder in reality than it sounds in theory. Universal life policies are a far cry from "tax-free".
Remember your insurance agent has a clear conflict of interest when they recommend you buy expensive insurance policies - just like I do. I would suggest you talk with a fee-only financial planner instead. They can often show you tips to save money on your insurance plan, if that's the right direction for you. They could also suggest other routes you might consider to meet your goals. |
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talismb
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Universal or Whole Life policy's are almost always a bad investment, your much better off buying term insurance and investing the difference. While they make ok savings vehicles, they don't pay a very good rate of return (of course if you don't/can't invest the difference then you might be better off) |
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pagodaboy2001
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Term life. The only way to get it out tax free is to borrow it and that isn't really a good plan. I would really look at the fine print of how it pays out.
Take the difference and get a ROTH IRA...this will grow tax free and you'll get a better return on your money. |
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KJ
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Whole life is better for that type of plan. Universal life is a hybrid of a term policy, therefore, the cost of insurance goes up year after year. But, Allianz UL might be alright as it is tide to the S&P Index.
It would be wiser to get a Whole life if you can afford it.
Anyone who claims buy term and invest the rest is uneducated about how often term policies pay out. I believe the number is around 3%. The term keeps getting so expensive that when you need it, you can't afford it. Insurance products are compounding interest and have done pretty good as far as compared with other vehicles. But, insurance is for the need, and you should overfund to get the best benefit of a policy. However, depending on your age and risk tolerance, you need to invest in other things. If you have a family, then insurance should be your first though. |
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Michael M
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Investing in a UL policy is not tax free. It is only tax deferred until you withdraw the money. The only way it is tax free is if you die.
That said many people do use UL life insurance and annuities once they have exhausted all of their other tax deferred investment options. I would recommend getting some investment advice from a trusted financial adviser or planner and not an insurance agent. |
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