 Paid term life insurance policy conversion to whole life? |
| If a paid term life ins policy (virtually no cash in value) is expiring and is converted to a whole life policy..is the rolled over policy value available for cash in immediately? Or is there some ... |
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 What is the meaning life insurance? |
| why should take life insurance untill he does not know what is the meaning of life insurance is?... |
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 Can a person make a claim against my insurance company for an accident that never happened? No police report.? |
| My son was driving my vehicle while out on a date with a young lady he'd met. He says that the woman got extremely intoxicated, started acting crazy, and jumped from truck while it was moving ... |
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 Can someone take out life insurance on me against my will? |
| someone I know has a life insurance policy on me and I do not wish them to have it anymore, can I do anything about it?... |
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 I have a judgmentfor $200,000 on a person who is retired, how can I collect? |
Additional Details
the judgment was already placed against the person in coury, i won the judgment but have not been paid anything so ... |
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 Do I need Liability insurance? |
| I live in So california, and just brought lots In Texas,Arkansas and Utah.The lots are vacant land. Im being told that laibility insurance might be wise. is there someone out there who knows for sure.... |
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 I need surgery and have no medical insurance and no one seems to be able to help me. |
| I am a 43yr old waitress for the last 28yrs and have degenerative osteoarthritis and need a knee replacement. I don't have insurance and the state of CA. wont help me. I don't wont to be ... |
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 A hairdressers got bleach on my clothes and now they won't refund me the cost without receipts.? |
I don't have the receipts anymore. What can I do? It's under £50 but it's the principle mainly.
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I was only getting a wash and cut. the bleach was on ... |
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 I had to go to the emgerency room on on 2/14/08 bc I didn't have a regular doctor!!!? |
| They are trying to charge me $812 dollars to find out that I had a sore throat...I haven't met my deductible yet this year, so it saying basically my insurance isn't gonna cover nothing. W... |
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| Health insurance? |
| I am about to turn 18. I have blue cross blue shield though my parents. Someone told me I had to register in school to keep my insurance. But someone else told me I am covered until I am 21 as long ... |
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 Paying for abortions with health insurance? |
| does anyone know if a girl decided to get an abortion could she pay for it with her insurance or does she have to pay cash?... |
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 With insurance why do you have to pay a deducible? |
| I really don't understand it. You drive your car and pay insurance on it for years and years you get in a accident and you have to pay a deducible. Why do you have to pay them money after ... |
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 An Accident at Work? |
| My husband had a serious accident on company time, representing the company he worked for. He was following instructions given, fell and severly dislocated his shoulder, severed the nerves that feed ... |
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 What colors should legal documents be signed in? |
| WHAT COLORED INK SHOULD LEGAL DOCUMENTS BE SIGNED IN?... |
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 Why are my insurance company only offering £200 for a TV that was £1000 four years ago? |
I have old for new policy, you cant buy a tv for £200 anymore are they in their rights to do this?
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Times have changed thats why they sould be replacing my tv with ... |
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trade_info | Whole Life vs. Term Insurance? |
People always ask about whole life vs. Term Insurance and the insurance salespeople always defend Whole life and trash Suze Orman (not a fan of her anyway)... But they fail to prove the point with real hard numbers. Show me how Whole Life beats Term with the additional premium saved being invested in a Total Stock market index fund or other no load investment at a Vanguard or other low cost provider.
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BTW - I understand it very well. Financial Analyst picked up on my point in his first sentence. |
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melvinschmugmeier
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Whole Life used to be how 'common people' saved for retirement. Whole Life is essentially a mutual fund investment that will pay you a big benefit if you die (big depending on whether or not you pay for big). Term Life insurance is a straight bet that you wont die. Term Life is significantly less expensive since you dont have to pay for a poor investment return.
I've never had an insurance person explain to me or show me how whole life is better than term -- which is why I have term. |
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Joe
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I would say the answer is neither, if you're buying it for your son like dragonlady. Put it all in the Total Stock Market Index fund. |
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Financial Answer Guy
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Trade Info throws down the gauntlet!
Whole Life will not beat the "Buy Term and Invest the Difference" strategy in terms of wealth accumulation. I personally have never said it would. The flaws with the term strategy appear when the need for coverage is inaccurately analyzed. A fairer fight would compare a VUL to a term policy, taking the scope of the comparison out beyond the guarantee period on the term, or even using YRT.
Unfortunately I am away from my office until Monday, but I will give you numbers then.
I won't even get started on Suzy Orman. |
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Houyhnhnm
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Over a lifetime the overhead the insurance company is taking will kill you, just like the house take at a casino will kill you if you play long enough. The insurance industry knows this--they have highly skilled actuaries that can analyze this sort of thing--so they throw around marketing propaganda like "don't rent your insurance, build up equity". The only reason to buy whole life is if you're too lazy or ignorant to invest money yourself. If that's the case then you should get a financial planner, who will work for you for a much more reasonable rate. |
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acredhead113
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My experience over the years is to buy only term insurance.
When you are young and you have a family if something were to happen to you they would at least have something to use until they became adjusted to a different lifestyle.
Whole life is not to me the type of insurance you should take out. Why should the insurance company make such a huge profit off of you. You should invest the same money in a mutual fund that by the time retirement comes you will have a lot of money!
Just make sure you keep putting every month in your fund and don't ever touch it. You will be sorry you did like so many of us before you! |
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mkulda
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Term is almost always the best way to go, but there's a hitch. Since you really only need it for income replacement, there is a cycle where you don't need a lot of it when you are young and childless....then you need a lot of it when you have kids who are not yet through college....then you don't need as much as they mature (unless you want to leave them something).
And, it is somewhat costly to switch from a smaller dollar policy when you are young to a higher dollar policy when you have kids would might need it....back to a lower dollar policy when they are grown and when you likley won't be able to continue to afford higher policy amounts because of your age. (Remember you have to re-up your policy when the term is up or you lose your protection, unlike whole life).
So, it is not a bad idea to lock in a longer term when you are younger.
If you buy for example, $100K when young, then convert to $400K when you have a wife, kids, house, etc. You are going to have a bump up in premium due to amount and your age. But that same $400K at renewal (now 20 years past when you first bought), is going to be really costly and you may have to drop back down to $100K or so. OR.....you can lock in a 20 or even 30 year term rate which is higher initially but lower than the increase would be down the road if you had to re-up at the normal 10 year intervals. |
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ykchen913
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It is hard to compare whole-life vs term-life. It depends on how long you will live. And, then you have to decide whether you want to "rent" or "mortgage" the insurance.
Additionally, be aware of people who show you the stock market index, normally the funds available in the whole-life insurance may have lower return than the stock market index due to various expenses/fees. |
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airangel54
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Basically whole life has a set premium, that will never go up and it has cash value(you can cash it in at a later time, after it builds up), it's good if you buy it at a young age, when the premium is cheaper. I have a whole life on my son I've had for years and i will probably cash it in, since he's older and married now. As for term, it's cheaper , but rarely does it have any cash value, and the premiums go up every so often, some annually , some every five years etc. Basically, term is renting and whole is buying. I'm 52 and wished I had all whole life because my premiums keep going up, on my term insurance, every time you turn around they're raising the price of it and I'm at the age that whole life would be way too expensive. Hope this helps you to understand it. |
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marygirl
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This is simple:
Whole life is very bad: It keeps your premium, you always only get same death benefit, you pay each year all this $$ and company uses your $$ to invest and profit. You build an account for no reason, if you borrow, you pay interest-why? to borrow your own money and pay yourself interest on your own money? You should be earning interest!
Only Term for safe, secure amount needed. Then, invest additional funds elsewhere. |
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ottawabroker
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Term insurance
There are two basic kinds of life insurance: temporary and permanent. Temporary insurance is more commonly known as TERM insurance. Term insurance has two main components: the amount of death benefit and the price of the policy (the premium). In return for the premium, the insurance company agrees to pay the death benefit upon the death of the policy owner. Term insurance gets its name from the fact that it covers you for a specific term, or period of time.
Wholelife insurance
Whole life insurance is so called because it provides the insured with permanent protection for the "whole of life." Whole-Life provides you with protection, but it also builds cash value and does not have an expiration period or "term".
Whole life insurance is typically more expensive than term insurance because part of the premium you pay to the insurance company on a whole life policy is invested in stocks, long-term bonds, mortgages and other assets that can appreciate in value and generate income over time. |
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orianenterprises
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Term is like renting a home chances are you will walk away with nothing, whole is like buying a home you are slowly getting "equity" in a product. |
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