Why buy whole life insurance

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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Term Life or Whole Life - Which Insurance is Best for You?

Determining which life insurance is right for you and your family can be a confusing topic. Should you buy term life or whole life insurance? Deciding which to purchase is a personal decision that should be based on the financial needs of your family as well as your financial goals. However, no matter what, life insurance is a very important part of your family’s financial security. Before deciding on which life insurance policy is best for you, everyone must understand why you need life insurance. The purpose of life insurance is to replace the salary of a family member. Even in families where both partners work, the wages of both may be critical to meeting major expenses. The death...

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Why I Chose Whole Life Insurance, 20s Finances

A few months ago I announced one of my financial goals as being getting whole life insurance. About a month ago, I announced that with my extra money, I decided to buy whole life insurance. Many people questioned my decision to get whole life insurance and so I figured I would try to explain my reasoning for getting whole life insurance. As it turns out, most (if not all) financial bloggers are strongly against whole life insurance. While I recognize that I don’t get clear disclosure on the commissions and/or fees included in the plan, I still think whole life insurance was a great option for me, considering my motivation for getting it. My Motivation for Getting Life Insurance If not...

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Whole Life Insurance - Why You (Probably) Don t Need it - Define Financial

Before I tell you about whole life insurance, imagine for a moment: The dish-washing car is a car with a built-in dishwasher! Just think of the possibilities: You can do your dishes while driving your car! Now, because this product is so ground-breaking, there are a few catches. This dishwashing car is very expensive (at least compared to buying a car and a dishwasher separately). The maintenance and repairs of this new technology are also very expensive. And lastly, it doesn’t drive very well for a car. Oh, and it also doesn’t clean dishes very well for a dishwasher. You can do your dishes while driving your car! If you think a dish-washing car is a terrible idea, don’t...

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Whole Life Insurance For Real Estate Investors Fund Your Next Deal

As a real estate investor, you understand that cash flow is king in the journey of building wealth . So you may have heard of this concept to fund your next real estate deal called: Whole Life Insurance. In this article, we will go over all of the common questions about whole life insurance for real estate investors. We will show you a new and creative way to fund your real estate deals. What is Whole Life? Whole Life Insurance, also referred to as Permanent Life Insurance, is a life insurance policy that offers lifetime protection. Your premium payment will never increase and your death benefit is guaranteed to lasts forever. Permanent Life Insurance is one of a few tax advantages...

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Why You Still Need Life Insurance In Your 60s,

You’re in your 60s and nearing retirement? Here’s why you still need life insurance For couples in their mid-60s, impending retirement raises the question: Do you still need life insurance? “I think it’s a natural review point,” says Scott Witt, a fee-only insurance adviser and actuary in New Berlin, Wisconsin. “Prior to that age, you may have been worried about passing away prematurely without providing sufficiently for your spouse or getting your kids through college.” The mid-60s represent something of a grand pivot, in which our insurance risks shift from dying too soon to living too long. “The majority of people retiring these days will have to live off of assets rather than a pension...

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