Anonymous
05/08/2014 12:04
Subject: Whole life insurance for end of life expenses?
Yeah, the planner may not have been selling the insurance, but he was benefitting from it somehow. Move along.
Anonymous
05/08/2014 10:26
Subject: Whole life insurance for end of life expenses?
This sounds like a great deal... for the insurance agent. They make huge commissions on whole life.
For you, this is a complete waste of money.
For you, this is a complete waste of money.
Anonymous
05/07/2014 18:06
Subject: Whole life insurance for end of life expenses?
Whole life plans pay really big commissions for agents - always consider these very carefully.
Anonymous
05/07/2014 08:49
Subject: Whole life insurance for end of life expenses?
Whole life=complete waste of money.
I generally consider my parents to be financially savvy, but my dad is a whole life insurance junkie! Just don't get it.
I generally consider my parents to be financially savvy, but my dad is a whole life insurance junkie! Just don't get it.
Anonymous
05/07/2014 08:47
Subject: Whole life insurance for end of life expenses?
Generally whole life is not worth it. We have some very unique circumstances that makes it valuable to us, but I wouldn't buy it if an agent recommended it unless he/she could explain in a very detailed way how it is better than just investing that money. Most of the time it isn't.
Anonymous
05/07/2014 08:45
Subject: Whole life insurance for end of life expenses?
Anonymous wrote:I currently have term life insurance. I was recently speaking with a financial advisor (not affiliated with life insurance sales) who advised that in addition, I get a $50k or so whole life policy to cover "end of life" expenses.
He said that it made sense to get that now, while I'm young, and the premiums are less expensive (I went through a quote process with my current insurance provider and it worked out to just under $30/month). I listened to him go on about this for some time, and still can't really understand why he thinks this is necessary.
Can someone enlighten me? Is having $50k set aside in insurance for end of life expenses (and what are these - final medical bills? funeral?) better somehow than just having that same money in a savings account?
Thanks!
Salesman commission on whole life is something like 80% of what you pay in premiums. You're way better off just saving the money yourself.
Anonymous
05/07/2014 06:41
Subject: Re:Whole life insurance for end of life expenses?
Depends on what you are planning on leaving behind. End of life could mean a lot more than funeral expenses. Estate tax could be a concern, that is probably more in line with what he was discussing.
Anonymous
05/06/2014 22:38
Subject: Whole life insurance for end of life expenses?
No, it's not necessary. Don't do it.
Anonymous
05/06/2014 22:23
Subject: Whole life insurance for end of life expenses?
Anonymous wrote:Will you really not be able to save up enough to cover your funeral expenses? Just save $30 a month yourself. Seems like a waste to me.
OP here - this is exactly what I'm thinking.
Anonymous
05/06/2014 21:51
Subject: Whole life insurance for end of life expenses?
Will you really not be able to save up enough to cover your funeral expenses? Just save $30 a month yourself. Seems like a waste to me.
Anonymous
05/06/2014 21:41
Subject: Whole life insurance for end of life expenses?
I currently have term life insurance. I was recently speaking with a financial advisor (not affiliated with life insurance sales) who advised that in addition, I get a $50k or so whole life policy to cover "end of life" expenses.
He said that it made sense to get that now, while I'm young, and the premiums are less expensive (I went through a quote process with my current insurance provider and it worked out to just under $30/month). I listened to him go on about this for some time, and still can't really understand why he thinks this is necessary.
Can someone enlighten me? Is having $50k set aside in insurance for end of life expenses (and what are these - final medical bills? funeral?) better somehow than just having that same money in a savings account?
Thanks!
He said that it made sense to get that now, while I'm young, and the premiums are less expensive (I went through a quote process with my current insurance provider and it worked out to just under $30/month). I listened to him go on about this for some time, and still can't really understand why he thinks this is necessary.
Can someone enlighten me? Is having $50k set aside in insurance for end of life expenses (and what are these - final medical bills? funeral?) better somehow than just having that same money in a savings account?
Thanks!