Why buy whole life insurance

4 Reasons to Buy Life Insurance in Your 20s and 30s

The earlier you buy life insurance, the better…and cheaper. To find out why buying life insurance is cool, read on. [Editor’s Note: This blog was originally published on December 2, 2015. The content has been updated.] Life insurance is one of those things a lot of people don’t really want to think about until they’re “older.” I get it. People don’t want to think about dying…and most young people assume they’ll have time to deal with the issue later. But that doesn’t mean they shouldn’t start thinking about life insurance NOW. Life insurance is an important part of your overall financial plan. The sooner you get started putting that plan into action, the greater benefits...

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Do You Need Life Insurance in Your 40s?, Bestow

Between juggling a bunch of financial priorities — paying off your credit card debt, big wins in your career, paying off your house, saving for retirement — and raising a family, you probably have an endless to-do list. Chances are, purchasing life insurance has been something you’ve been meaning to do for a while but haven’t yet. Whether it’s cost or the lack of time that’s been keeping you from getting coverage, there are several reasons why you should buy a life insurance, especially if you’re in your 40s. Do You Need Life Insurance at 40? It really depends. While you’re hitting your stride on both the personal and professional front, you’re also likely “...

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Should I Buy Whole Life Insurance? - Article

If something unfortunate happens to you, wouldn’t you like to ensure your loved ones are financially protected? If you are the sole breadwinner of your family, your demise could probably leave them in a financial lurch. This is where whole life cover comes into play. When you have a whole life insurance policy in place, your dependents stand to receive the death benefits if you pass away during the policy term. The payout will help your family make ends meet, without making any compromises in their standard of living. If this is not enough to convince you to buy a whole life cover, here are some other reasons why you should give such plans a serious thought: Protection for life - With...

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Why You Should Buy Permanent Life Insurance

Life Insurance Center Why You Should Buy Permanent Life Insurance Article 7 of 14 in How to Find the Best Type of Life Insurance If you are thinking about buying permanent life insurance, you will need to know what you are purchasing. There are different varieties of permanent life insurance, and the details can be complex. While the cost of permanent life insurance is typically higher than term, the benefits of permanent life insurance can make the plans an option to consider. TIP: Because permanent life insurance can be difficult to understand, it is important that you ask an experienced agent any questions that you may have. Life insurance agents are available to help, and can get you...

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Why Should I Buy Whole Life Insurance

Why Should I Buy Whole Life Insurance For generations a debate has raged on over whether it’s best to buy whole life insurance or to buy term life insurance and “invest the difference”. Proponents of each method are adamant in their positions and both offer sound reasoning in their answers. But, for anyone to tell you which is the best for you without knowing anything about you is tantamount to someone telling you which road to take without knowing where you are going. The answer to which is best for you lies wholly within your answer to the following question: How long will I need life insurance coverage? It’s a key question that gets to the heart of the debate and...

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5 Reasons Why Whole Life Insurance is Bad, The Insurance Pro Blog

5 Reasons Why Whole Life Insurance Is Bad According to the Internet If you’ve been around the life insurance industry for more than five minutes, it’s pretty likely that you’ve encountered all sorts of reasons as to why whole life insurance is bad. In fact, it’s probably the most maligned of any financial product. A few days ago, we set out to find the absolute dumbest arguments against whole life insurance. The volume of bad and misleading information is almost astounding. I say “almost” because, in nearly 20 years of selling whole life insurance, it’s hard to imagine anything that most personal finance gurus hate more. It’s not even that much of a stretch to say that there are some very...

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Why I Changed My Mind About Whole Life Insurance - Financial Finesse

Why I Changed My Mind About Whole Life Insurance 12 July 2012 Like most financial planners who don’t sell whole life insurance, I’ve always seen whole life insurance policies as great big rip-offs sold by sleazy life insurance agents. But my opinion changed a bit after a recent conversation I had with a Helpline caller. While I still think most people are better off buying term insurance, I’ve come to the conclusion that whole life insurance can be a better deal for some people. Term vs. permanent For those that aren’t familiar with the intricacies of life insurance, there are basically two kinds of policies: term and permanent. With a term policy, your premium is fixed for a period...

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The math behind why I buy term life insurance and almost never buy whole life insurance, GFM Asset Management

The below calculations are for illustration and discussion purposes only and are not an endorsement of any insurance broker, agent, website, or policy issuer, and nothing here should be taken as any personalised recommendation to buy or not buy any insurance policy. Please contact us through the form below for an independent second opinion specific to your situation. I was thrilled to see a new life insurance quote aggregator launch in Hong Kong yesterday called The Insurance Mole. Full disclosure: I know and have worked with the owner of the insurance broker behind the Insurance Mole for a few years already, and recommend it partly on that basis. The concept of being able to shop online...

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The benefits of whole life insurance (and why everyone wants it!)

On some financial topics, people have become so conditioned to seeing things from a single perspective it makes them incapable of recognizing other – perhaps even better – ways of addressing these issues. The on-going fallout from the “meltdown/crisis/recession/global-economic-funk” offers a striking example of an obvious solution that almost no one seems to see: For one reason or another, everyone wants whole life insurance. Don’t believe it? The disbelief just further proves the point. Whole life, or cash value insurance is so far outside the awareness of both average Americans and the mainstream financial press that collectively “advises” them,...

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7 Common Mistakes People Make With Life Insurance

7 Common Mistakes People Make With Life Insurance 1. Not understanding the difference between the 5 basic types of life insurances There are 5 flavours of life insurance most commonly found today: Whole Life Participating Plan (aka Endowment Plans) Whole Life Non-Participating Plan Investment Linked Plan (aka Unit Linked Plan) Each of them offers different components (insured amount, savings and dividends component, cash value, units etc.) and very different premiums payable. Buying the wrong plan for the wrong purpose is a sure way of overpaying for features you may not want/need. If you do not already know the differences, start by reading this article. In fact, this is the MOST...

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