You hear people against "Buy Term and Invest the Difference" argue, this only works if they actually save money. Wrong! So wrong! Most people don't have the discipline to save on a monthly basis. If someone does not have this discipline, you definitely shouldn't sell them a whole life insurance policy. This is what will happen. In a few years, they will take a loan out on their policy. Which is better:
- A simple term life insurance policy with no savings or
- A complex whole life insurance policy with loans on the cash value
When you see people asking questions like "Should I get out of a whole life insurance savings plan, and what is the best way to do so without losing to much $$$$?" at askville.amazon.com, you know something isn't quite right.
Do the research and compare apples to apples. What do you think?
This post was reposted from http://finlit.biz/life-insurance/should-whole-life-insurance-be-sold-as-a-savings-program/, originally written on January 30th, 2013.
No comments:
Post a Comment