Jun 17, 2022
4:58:32pm
4:58:32pm
Okay financial gurus, am I stupid and being scammed?
Some things are changing with my work/business and investments for the good so I have been talking with my financial advisor a lot (he insists on being called a wealth management advisor, but I don't know what the difference is and I just find it pretentious).
Anyway, he keeps pushing permanent life insurance (in a private mutual life insurance company). I have 2 million in coverage and most of that comes through term, but I have been putting some in whole life for a while at his advice. He wants me maxing out my 401k and putting in at least $13,000 a year in whole life and possibly a bit more. I have other investments that are riskier and he insists this is the best low risk investment to diversify the portfolio and risk, particularly during tough economic times. When he walks through it with me, it sounds really good longer term, but then I hear Dave Ramsey and some others talking about it like it is the worst, dumbest thing ever. Are there situations where whole life is a good idea as a long term strategy or am I just too stupid/ignorant to see through his pitch?
Anyway, he keeps pushing permanent life insurance (in a private mutual life insurance company). I have 2 million in coverage and most of that comes through term, but I have been putting some in whole life for a while at his advice. He wants me maxing out my 401k and putting in at least $13,000 a year in whole life and possibly a bit more. I have other investments that are riskier and he insists this is the best low risk investment to diversify the portfolio and risk, particularly during tough economic times. When he walks through it with me, it sounds really good longer term, but then I hear Dave Ramsey and some others talking about it like it is the worst, dumbest thing ever. Are there situations where whole life is a good idea as a long term strategy or am I just too stupid/ignorant to see through his pitch?
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- YSMACK
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- Oct 29, 2001
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- Apr 25, 2024
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6/17/22 5:01pm
6/17/22 5:07pm
6/17/22 5:16pm
6/17/22 5:42pm
6/17/22 5:01pm
I always hear this but never hear those situations, could you or someone else explain a hypothetical where it works?
6/17/22 5:05pm
6/17/22 5:05pm
6/17/22 5:05pm
6/18/22 3:32pm
6/18/22 8:56pm
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6/19/22 11:26am
6/19/22 1:22pm
6/17/22 5:18pm
6/17/22 6:46pm
Ask him: "With respect to your advice on this whole life policy, are you a fiduciary?" and post his response here.
6/17/22 5:17pm
6/17/22 10:19pm
6/17/22 5:42pm
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6/17/22 11:06pm
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6/17/22 8:36pm
6/18/22 10:09pm
The exact commission paid to the agent on the contract should be a disclosed line item on the contract.
6/18/22 10:22pm
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6/20/22 10:11am
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6/17/22 10:15pm