life insurance

[Omegachi]

i am thinking about getting a whole life insurance policy, i think it would be a good investment for me. i am wondering if anyone here has purchased a whole life policy and with which insurance company.

 

[sciencewhiz]

Whole life insurance policies may be a good forced savings plan, but are poor investments.

 

[ponyo]

Don't do it.

 

[alkemyst]

Originally posted by: sciencewhiz
Whole life insurance policies may be a good forced savings plan, but are poor investments.

QFT, also good if you have a need for life insurance.

 

[PELarson]

Originally posted by: Omegachi
i am thinking about getting a whole life insurance policy, i think it would be a good investment for me. i am wondering if anyone here has purchased a whole life policy and with which insurance company.

http://www.smartmoney.com/insu...dex.cfm?story=lifeterm

If you are single - For long term savings put it in a mutual fund. If you want to make sure your burial expenses are paid buy a small face value policy(usually termed a final expense policy).

Married - you really need to talk to someone, financial consultant, about what it would take your family to replace you and/or your spouses income for however many years needed.

 

[warlord]

Most people that know anything about investments will tell you you can average better earnings in a good mutual fund that you will earn in a whole life policy.

You can get Term life insurance cheap too. Most companies will let you lock in a rate as well, I have my locked in for 30 years, because I was young and healthy when they did a health assesment, I qualified for the lowest rate they offered.

 

[DaveSimmons]

My philosophy:

You should only get life insurance for the death benefit, not as an investment.

Roth IRA & employee 410k up to the limit are the first investments to make, plus a high-interest savings account for short-term emergencies. After that, a brokerage account with stock index mutual funds and/or ETFs, to buy and hold for years.

 

[FoBoT]

no, get term life for life insurance
keep your investments separate from life insurance
invest in 401(k) and Roth IRA and Traditional IRA and mutual funds

 

[bctbct]

If you are buying for a adult chances are you are better buying term. One draw back of term is that it will have to be renewed and if you develope serious health problems you may have a hard time doing that.

 

[jagec]

Originally posted by: Omegachi
i am thinking about getting a whole life insurance policy, i think it would be a good investment for me.

Planning on dying soon?

If you're not married with kids, there is little reason to get life insurance. If you want to invest, get a mutual fund or something.