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Apr 21, 2017
8:49
:04
am
Indy Coug
Misunderstood
I'd look at universal life before whole life
https://www.cougarboard.com/board/message.html?id=1671412
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Indy Coug
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Indy Coug
Joined
Dec 20, 2001
Last login
Jun 12, 2024
Total posts
185,503 (9,874 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
HoustonCougar
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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