Reply to Life Insurance for mid-50s

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My husband and I started working with an hourly-based financial advisor outside of our area with an interest in getting help with cash flow issues. We have spent the first few months working with this advisor on getting new life insurance policies and the policies this advisor are recommending for us are so expensive. We went to the advisor with a goal of getting help with our cash flow and now we are unexpectedly down a lot of money on these new life insurance policies (if we move forward with the recommended policies).

[b]Are expensive term life insurance policies typical for those in their mid-50s?[/b] [/quote]

They are typical of financial advisors that are taking their clients for a ride.[/quote]

OP here. So, are you saying that an honest financial advisor likely wouldn't recommend such a policy at all?[/quote]

I can’t say it would never be recommended, but pushing expensive whole life insurance plans has been a hustle for the financial advisory industry for awhile now. Google it a bit, you will find the info easily.[/quote]

Lol, A+ response - just perfect!  The people who scream reflexively that life insurance or financial advisors are scams don't have the inclination/ability to read or understand basic details (in this case term vs. whole life).  I'm not even in that industry (though I work in sales and understand the nature of those roles and their challenges), and I'm so sick of hearing people bash financial advisors.  If you don't need their services, don't use them - simple as that!  But the fact that one can easily change the oil in one's own car doesn't make the existence of Jiffy Lube a scam.

To the OP's question, it would be fairly difficult for an advisor to scam you with term policies.  The primary way would be to recommend much more coverage than you need, but you can probably assess whether the amounts are reasonable.  Also, I'm pretty sure you can reduce coverage down the road if you no longer need it (e.g., dropping from $2M to $1M of coverage in five years if the situation warrants it).[/quote]

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