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Reply to "Whole Life Insurance for Kids??"
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[quote=Anonymous]whole life insurance is a bad investment idea. period. It usually locks you into a term that is especially punative if you try to exit in the first few years, and is extremely lucrative for the "advisor" who sells it. Also it guarantees a return that is usually below the rate of inflation or other similar investments like bonds. So you are actually losing money over time. to the person who is confusing it with how to pay the mortgage if they had a loved one pass away, that is exactly what the marketers of these products pray on--ignorance. If you want to ensure that you have $$ if a tragedy happens and you have to stop working, just save money. Or have TERM life insurance and STD and LTD on the earning members of the family. But children don't need life insurance, and no one needs whole life insurance.[/quote]
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