Lizard King
Administrator
Staff Member
- Sep 9, 2010
- 14,560
- 8,049
Shut your dirty mouth! You mean the guys here don't know everything?!?!?
Woods, I like and respect you. Have you considered the actual return to you? There are only two ways that whole life pays off. One, if you die before you've paid for it. Difficult, because the cost of insurance is deducted off the top of your premium. Second, if your investment exceeds the value of the policy. Unlikely unless you bought it 50 years ago. Then you borrow against it and die before you pay it back. Remember, if you die you only get the value of the insurance, not the investment.
Perhaps JR has a point. I was only considering the 99% when making my blanket recommendations. I agree that you may want to consult a financial planner, but please not one that sells these crap products. Some of the big company agents call them selves financial planners but really only sell their products. For example, my State Farm agent.
There are many people who are comfortable getting the 5% to 7% return that a whole life policy generates on their investment, who are not super wealthy, and who are not comfortable investing in the stock market. Before mutual funds most of the middle class professionals my family knew (many of whom lived through the great depression) would never consider buying stocks, but would invest comfortably in whole life insurance, bonds, CD's and other safe investments.
There are many people today who will never buy stocks because they see it basically as gambling, and they don't know enough to invest without and advisor, and they don't trust advisors. Life insurance, CD's bonds are all things they will consider.
Not wise to put your future in someone elses hands. I know more than a few guys that have lost fortunes to shiity investment companies and ''financial planners''. My brother in law, a dumb ass but still, lost everything he had with Charles Schwab. In this day and age you need to be active in your finances, invest and forget no longer cuts it. Google is a wonderful tool
Besides if one has a IRA or pension plan, or whole life one is investing in the stock market, he just has no say. Might as well have a say in how your money is handled imo but hey if you're happy with 5% mo power to ya, I'm happy for ya.
You don't believe there are ethical people out there, who will give you honest advice and not try to take your money for themselves? I feel sorry for you bro. You must have had one tough life to feel that way about other people.
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