Reply to Do I need life insurance?

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Reply to "Do I need life insurance?"

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[quote=Anonymous][quote=Anonymous]You can use insurance for other things aside from passing away. many people use cash value to provide an additional tax deferred bucket, and given the current tax environment, most successful people are looking for additional places to put dollars. Also agree that Disability Coverage is essential, because if you're too sick to work, how would you build up enough assets to retire anyway? Insurance is risk management 101, and the reason a number of people run into catastrophic fianancial situations is because they are under-insured.[/quote]

You're referring to Whole Life Insurance, rather than Term Life (for cash value).  For the VAST majority of people, Whole Life is a bad investment, and money can be better and more cheaply invested elsewhere.  You end up paying a ton in what are essentially management fees (for the investment) without hardly any control about how the money is invested.  I used to work with the insurance industry, and folks on the inside would joke about what a bad deal it was.  [/quote]

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