Are whole life policies worth the cost?

[Biker]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

[Antknot]

How many new towns have you gone into and seen big buildings with insurance company names on them? Where do you think they get the money for that from?

[Biker]

So theyre profitable to insurance companies, but so are many other policies. But does that mean theyre not worth a shit?

[Animal]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

[Biker]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

[Animal]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

yes. investing later in life is no fun because you have to force yourself to be more conservative.

[hawkfan8812]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

yes. investing later in life is no fun because you have to force yourself to be more conservative.

I assume you all max out your Roth contributions.

[Animal]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

yes. investing later in life is no fun because you have to force yourself to be more conservative.

I assume you all max out your Roth contributions.

my company doesn't have any retirement plans

[hawkfan8812]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

yes. investing later in life is no fun because you have to force yourself to be more conservative.

I assume you all max out your Roth contributions.

my company doesn't have any retirement plans

Your boss sounds like a real jerk.

[BigChiefin]

The only people who think Whole Life is a good idea are the people who are selling it. It is garbage, pure and simple. Keep your insurance and your investments separate. The fees associated with Whole Life eat up a chunk of the returns you will see on the investments. When you die, your beneficiary will recieve the face value of the insurance (death benefit) and the company keeps the cash value. Or you can cash out the policy before you die and receive the cash value and then your beneficiary receives nothing upon your death.

Keep term insurance in place (if you need it) and invest with a broker/financial advisor or on your own, if you are comfortable doing that. I always kept about 10X my salary in term, to replace my income if I should pass. But recently, I've cut that in half, based on the amounts that I have in my retirement accounts. At a certain point, I will drop the life insurance altogether when I essentially become self insured.

Run, as fast as you can, from Whole Life. I hope I wasn't unclear.

[BigChiefin]

yes. investing later in life is no fun because you have to force yourself to be more conservative.

I personally disagree with this philosophy. I will continue to invest at the same level of aggressiveness I always have for the rest of my life. I have faith that over the long haul, the market will average about 10%. There will be down years and there will be up years, but it will continue to grow at the same pace it always has. Just my personal take on this subject.

[disco.moon]

Don't forget to add me as beneficiary k bb??

[CentralTexasCrude]

Don't forget to add me as beneficiary k bb??

Well, I must say you seem to be catching up on this insurance stuff pretty quick.

[CHEEZY17]

I've had a term life insurance policy for 20 years now and am thinking about converting it to a whole life plan. Anyone have this policy, and if so, do you regret purchasing it or not

once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.

Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.

yes. investing later in life is no fun because you have to force yourself to be more conservative.

I still set aside some for speculative purposes but yes, that amount has decreased as I get older.
I dont really go to the casino or gamble anymore so the speculative plays have replaced my "gambling". Basically, its money I'm OK losing if that so happens.

[disco.moon]

Don't forget to add me as beneficiary k bb??

Well, I must say you seem to be catching up on this insurance stuff pretty quick.

Mens money of course.

[B-Tender]

The only people who think Whole Life is a good idea are the people who are selling it. It is garbage, pure and simple. Keep your insurance and your investments separate. The fees associated with Whole Life eat up a chunk of the returns you will see on the investments. When you die, your beneficiary will recieve the face value of the insurance (death benefit) and the company keeps the cash value. Or you can cash out the policy before you die and receive the cash value and then your beneficiary receives nothing upon your death.

Keep term insurance in place (if you need it) and invest with a broker/financial advisor or on your own, if you are comfortable doing that. I always kept about 10X my salary in term, to replace my income if I should pass. But recently, I've cut that in half, based on the amounts that I have in my retirement accounts. At a certain point, I will drop the life insurance altogether when I essentially become self insured.

Run, as fast as you can, from Whole Life. I hope I wasn't unclear.

100% agree.

[CentralTexasCrude]

Don't forget to add me as beneficiary k bb??

Well, I must say you seem to be catching up on this insurance stuff pretty quick.

Mens money of course.

Of course. Why do you think we have a glass ceiling? Because we know when women get some extra money, they blow it on handbags and shoes instead of the important stuff like beer.