Posted by GeneMO on January 06, 2011 at 19:24:07 from (76.4.166.249):
In Reply to: life insurance OT posted by steve terplak on January 06, 2011 at 18:11:35:
I have quite a bit of whole life, I bought it when I was young and healthy. My policies had a guaranteed purchace option so I could buy more at certain birthdays, when a child was born, etc. This is so if you become uninsurable you can buy more, regardless of your health. You buy life ins. to protect your family in case something happens to you. To pay off bills, take care of the wife, and put the kids through school. I had kidney failure at 30 years old. So every time it was offered, I bought more.
Now if you have few bills or obligations such as mortgague or kids. Buy enough term to put you in the ground.
Whole life at one time was really a poor investment. Investment is the key word. But with low interest rates now, some whole life policies had a guaranteed 3% or 4% return, so it proved to be not such a bad deal.
I think the key is to examine your needs, your bills, and your family situation. Buy enough term to pay the bills and replace your salary for 4 to 5 years if you get hit by a truck. If you can afford it, but a little whole life also.
But above all, start a regular savings or IRA account. Social Security will not be there to protect you.
Over the past 40 years I just paid the ins. premiums and forgot about it. I checked not that long ago and have almost $60,000 cash value that I can draw on tomorrow if I want. I was pleasantly surprised to say the least.
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