It's not really ending yet. I bought 20 year term. I have 7-10 more years. I'm young enough that renewing for another 20

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Apr 21, 2017
8:09:42am

RugbyCoug All-American

It's not really ending yet. I bought 20 year term. I have 7-10 more years. I'm young enough that renewing for another 20

years doesn't change premium much. I'm not super price sensitive, so I don't really want to take the time to shop. In 20 years, I don't think I'll need life insurance, so whole life would just be a wealth transfer and investment diversification vehicle. If it's not good for those two purposes, I shouldn't do it.

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RugbyCoug

Bio page: RugbyCoug
Joined: Sep 5, 2009
Last login: Apr 25, 2024
Total posts: 5,405 (14 FO)

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Messages

Author

Time

Whole Life Insurance. What is your take on whole life? I have term right right, but need to re-up my term life

RugbyCoug All-American

4/21/17 7:38am

I have never seen numbers to suggest it is worth it.

Baron

4/21/17 7:38am

Also get a way from northwestern for life insurance.

Baron

4/21/17 7:43am

The term seems fine. The numbers he shared seemed ok. It would be purely a diversification strategy.

RugbyCoug

4/21/17 8:00am

It is not fine if it is ending and how do know if the price is good?

Baron

4/21/17 8:02am

It's not really ending yet. I bought 20 year term. I have 7-10 more years. I'm young enough that renewing for another 20

RugbyCoug

4/21/17 8:09am

It's good if you don't have the discipline to invest the difference

paulb

4/21/17 7:39am

What if you have other investments and this is just an asset diversification strategy?

RugbyCoug

4/21/17 8:10am

I have never been able to wrap my mind around this argument.

Superman21

4/21/17 10:33am

You have to believe that you could take the difference in premium and do better than 6-7% per year with a similar

RugbyCoug

4/21/17 10:57am

If you dig into it, it makes little sense IMO.

Y'zFan

4/21/17 7:40am

I have it and borrow against it to fund short term real estate deals. It works

Iman23

4/21/17 7:40am

It's a good asset protection tool, not a good investment if you have discipline

VegasCoug

4/21/17 7:41am

Ohh, be sure you max out all your tax advantaged investment options first.

VegasCoug

4/21/17 7:43am

Yes, I'm doing that. The rep is telling me that the whole life benefit on back end is tax free. Of course, premiums

RugbyCoug

4/21/17 8:11am

No point in it

4/21/17 7:46am

It can be valuable in estate planning. Especially if your assets are in excess

RdF3

4/21/17 7:46am

Very true, but there are very few people that applies to.

KingDave

4/21/17 7:50am

I used to be a Northwestern Mutual rep

KingDave

4/21/17 7:46am

Re: your last paragraph...can you give me an example of when it might not be

Iman23

4/21/17 7:50am

I don't know

KingDave

4/21/17 7:55am

Will do. I doubt I will make enough in retirement to get hit with the tax

Iman23

4/21/17 8:02am

If you take out money which is in excess of the premiums you've paid to that point

Indy Coug

4/21/17 8:50am

It makes sure your family has money to bury you when you die

BYU Fan

4/21/17 7:50am

The problem with term is your premiums start going through the roof

Big Daddy D

4/21/17 7:52am

I just got a 30 year term policy for that reason

KingDave

4/21/17 7:57am

Yup, slight correction: in thirty years you will not be spending 160

Big Daddy D

4/21/17 2:42pm

Get a cheaper term policy and invest the difference in premium.

Mister P

4/21/17 7:53am

Good for the guy that sells it

gwill

4/21/17 8:14am

I'd look at universal life before whole life

Indy Coug

4/21/17 8:49am

I wish I would have bought a whole life policy in my 20's

Jersey hunter

4/21/17 8:55am

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