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Everything I've learned about personal finance tells me that whole life is a bad, bad investment. Best to buy term at the best price you can get and invest the other available money in your portfolio.Anyone have a non biased article or opinion? I’m 44, wife 42 she’s a physician, I’m a jerk. I’ll sit back and listen. TIA
There is no free lunch. F-I-L may have done well, but he's been duped if he thinks whole life will "pay for itself" -- and even if it does, it's paying for itself at a much higher cost than what you can buy term for with lots of money left over to invest more profitably.Everything I’ve ever read previously basically said the same take the term and invest wisely. My father in law who has done well financially is telling my wife go with whole life because the investments will eventually pay the premiums. Maybe but I’m not sure you still can’t do better with a well managed portfolio.
I'm pretty sure there is a fund analogous to FDIC (state level) to take care of that unlikely situation.Here's my question: What if your insurance company goes bottom up?
You would be right:I'm pretty sure there is a fund analogous to FDIC (state level) to take care of that unlikely situation.
Mark your calendars. This is a red letter day.You would be right:
If u want some growth in the policy and options long term go with an indexed UL of some type. If u want larger amounts of death benefit for specifuc purposes for a defined period of time while other assets grow and debts are paid down gor for a 30 year term.Anyone have a non biased article or opinion? I’m 44, wife 42 she’s a physician, I’m a jerk. I’ll sit back and listen. TIA
This is easy. Buy 20 year term policies when you’re young and have no savings (and it’s cheap) and max your 401k’s, and invest in index funds with whatever you have left. After 20 years you won’t need life insurance. Whole life is what your grandparents bought in the 50’s when they had few choices.
Everything I've learned about personal finance tells me that whole life is a bad, bad investment. Best to buy term at the best price you can get and invest the other available money in your portfolio.
You would be right:
What is State Guaranty Fund
A state guaranty fund is administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. The fund only protects beneficiaries of insurance companies that are licensed to sell insurance products in that state.
BREAKING DOWN State Guaranty Fund
State guaranty funds exist in all 50 states, Puerto Rico and Washington D.C. Most states maintain separate funds for property/casualty insurance and life/health insurance. These state guaranty funds act as a form of insurance for insurance, and are funded by insurance companies that sell insurance in a given state. The amount of funding an insurance company is required to pay is a percentage, ranging from 1 to 2 percent of the net amount of insurance it sells within any particular state.
Anyone have a non biased article or opinion? I’m 44, wife 42 she’s a physician, I’m a jerk. I’ll sit back and listen. TIA