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Nightflyer | Should I drop whole life and get term? |
Should I drop whole life and get term? |
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Erik V
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It obviously depends on the person but whole life is the cadillac of insurance policies. Not only does it build cash value but it also has the opportunity to be a paid up policy, meaning that at some point no further premium payments have to be made, but it accumulates death benefit as the cash value grows. One distinguishing feature, as opposed to the term, is that it is permenant insurance, which the term is obviously not, as it runs out after a specific period of time.
Hope this helps, email me with any questions.
erik.vincelette@metlife.com |
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insuranceguytx
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No one can truly and honestly answer your question UNLESS you want to post all of your personal financial information on this thread.
For complete answers to your financial questions, meet with a competent financial advisor who listens to your goals, needs and wants. Then follow that advice. Expect to pay a fee for the advice.
Briefly in regards to Whole life vs term, are you wealthy enough that if you died the people in your life about whom you care, would not have to suffer or pay any of the bills (debts and medical expenses) that you leave behind? Term only works if you die while it is in effect. Most insurance companies are careful enough to exclude bad risks. Only 2% of term policies pay a death benefit.
Talk to an advisor. |
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Jet
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It depends on your age. If you are young go Term. If you are older, hold on to your whole life. |
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Doc. justasinner111
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Don't go with american general life.they ripped us off for 40 years of payments on a cash policy. |
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nelson_devon
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It depends on how long you have had the whole life. I personally think whole life is a good thing. Term is cheaper, but you get nothing back. |
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Dr. Bugly
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Depends on a lot of variables. How old are you? What are your responsibilities to your family? How disciplined are you in saving for the future? |
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Doing the Right Thing
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Absolutely. You probably know the truth about whole life. Why pay premiums that goes into both the insurance and the cash value? Your beneficiary is only going to get the death benefit and the cash value is kept by the insurance company upon your death.
If there is a cash value in your whole life policy, you should do a 1035 exchange and move it into variable annuities.
When you buy term insurance, you should consider investing the difference into an IRA (or Roth IRA if you qualify). Why Term insurance is good? For one, you don't need life insurance during your retirement years. Second, they are the most inexpensive type of life insurance available. Third, you have complete control on how much you want to invest (instead of having the insurance company having control).
Anyway, here are the steps I would follow to replacing your life policy.
1) Contact an insurance company and say you want to buy Term insurance (depending on your age, you should get something in the 20, 25, or 30 year term. You should only get a 10 year term if you are over the age of 60).
2) Blood work and other medical exams maybe necessary to see if you are insurable.
3) When you QUALIFY to get Term and a policy has been delivered to you AND you accept it, ask the insurance company if they can do a 1035 exchange with your whole life policy.
I did my life insurance through Primerica Financial Services. They also gave me a free financial needs analysis to help me plan for my financial future. |
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bitoo_in
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Dear Friend
The selection of the plan depends upon your age and your financial liabilities. If you are in your 20s and no financial liabilities go for whole life as it will provide u with a decent cover and a saving element too. Try to have a flexible whole life plan where u have the choice to determine your insurance cover and investments. No doubts term plan is excellent for the one who has financial liabilities (loans etc). |
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httnmrtt
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Only if you plan on dying before the policy's term is up. With whole life, you get a return after you retire. (If you live long enough) |
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penelopeargos
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Read Fiancial Peace by Dave Ramsey. Many good answers in there. We went from whole life to term. Invest the difference and you'll be rich. |
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