Jun 20, 2022
12:19:42pm
12:19:42pm
That’s good.
Frankly, I would ONLY accept advise on this matter from someone not selling me something, who stands to gain nothing whether I buy. I will not get advise about this topic from my financial advisors, they have a conflict of interest. Period.
Here’s what Forbes has to say:
“When Does Whole Life Make Sense?
Given the expense of whole life insurance and that many people do not need insurance for their entire lives, it is often not the ideal product to purchase. However, there are some specific situations where a form of permanent life insurance makes sense.
1) Funding a trust: Permanent life insurance can be used to fund a trust that will support children after you die.
2) Paying estate taxes: For those with estates larger than the current estate tax exemption, which is $12.06 million in 2022, permanent life insurance may make sense to help heirs pay any estate taxes after you pass away. Some states have lower estate tax limits, so it may make sense for folks living in those states as well.
3) Funding a buy-sell agreement: If you’re an owner of a business with a partner, you might consider whole life insurance to fund the purchase of each other’s shares in the business at death.”
Don’t fall into one of those camps? I imagine 90% dont. Then don’t do it. You can carry term insurance until you no longer need it for much much less money. Get the difference in price and invest wisely elsewhere. Over time it will not be hard to beat the returns on whole life insurance.
Here’s what Forbes has to say:
“When Does Whole Life Make Sense?
Given the expense of whole life insurance and that many people do not need insurance for their entire lives, it is often not the ideal product to purchase. However, there are some specific situations where a form of permanent life insurance makes sense.
1) Funding a trust: Permanent life insurance can be used to fund a trust that will support children after you die.
2) Paying estate taxes: For those with estates larger than the current estate tax exemption, which is $12.06 million in 2022, permanent life insurance may make sense to help heirs pay any estate taxes after you pass away. Some states have lower estate tax limits, so it may make sense for folks living in those states as well.
3) Funding a buy-sell agreement: If you’re an owner of a business with a partner, you might consider whole life insurance to fund the purchase of each other’s shares in the business at death.”
Don’t fall into one of those camps? I imagine 90% dont. Then don’t do it. You can carry term insurance until you no longer need it for much much less money. Get the difference in price and invest wisely elsewhere. Over time it will not be hard to beat the returns on whole life insurance.
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- canofpicante
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- Oct 14, 2011
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- Jan 25, 2024
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6/17/22 5:01pm
6/17/22 5:07pm
6/17/22 5:16pm
6/17/22 5:42pm
6/17/22 5:01pm
I always hear this but never hear those situations, could you or someone else explain a hypothetical where it works?
6/17/22 5:05pm
6/17/22 5:05pm
6/17/22 5:05pm
6/18/22 3:32pm
6/18/22 8:56pm
6/18/22 9:59pm
6/19/22 11:26am
6/19/22 1:22pm
6/17/22 5:18pm
6/17/22 6:46pm
Ask him: "With respect to your advice on this whole life policy, are you a fiduciary?" and post his response here.
6/17/22 5:17pm
6/17/22 10:19pm
6/17/22 5:42pm
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6/17/22 11:06pm
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6/17/22 10:22pm
6/17/22 10:59pm
6/17/22 8:36pm
6/18/22 10:09pm
The exact commission paid to the agent on the contract should be a disclosed line item on the contract.
6/18/22 10:22pm
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6/20/22 10:11am
6/20/22 11:02am
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6/20/22 11:48pm
6/20/22 11:52am
6/20/22 9:01pm
6/17/22 10:15pm