Life insurance is a must, so consider these 5 tips when buying

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  • tdwds South Jordan, UT
    March 5, 2013 9:34 a.m.


    I know exactly what a standardly structured whole life policy. AGAIN, educate yourself on what is really out there. Life insurance, specifically whole life insurance is the MOST misunderstood asset class. GET EDUCATED! Whole life insurance is not a one size fits all nor is there only one way it is structured. Sadly 95% of people believe what the "gurus" tell them about these things, and what they are being told is a fraction of the truth.

  • 5 Orem, UT
    March 4, 2013 4:19 p.m.

    go ahead and take whole life, or universal life off of the table. The insurance companies will love you for it. Death benefits are paid on less than 2% of all term policies issued. It is a great business model for them. When budgets get tight term life is always the first to be dropped.

  • toosmartforyou Farmington, UT
    March 4, 2013 3:48 p.m.

    @ tdwds

    You may want to check into what happens to your returns if you decide to cash in your whole life policy. You don't get everything you think you have earned. Sorry, check it out carefully.

  • skidady Calgary, 00
    March 4, 2013 3:19 p.m.

    @luv2organize & toosmartforyou
    Every persons situation is different and to say to take Whole Life off the table completely is silly. There are many instances where a Whole Life could benefit the client. Take for example a client who has an estate that they would like to pass along to a son or daughter. It may be cheaper for the client/children to purchase a Whole life policy on the parent to pay for the Estate Tax at death. So to say take it off the table completely is silly to say. I will agree that the average persons need is Term insurance but you cant overlook that every person has different needs and goals. I would suggest that the client sit with their advisor and have a needs analesis done to determine what type of insurance and how much would cover sufficiently.

  • tdwds South Jordan, UT
    March 4, 2013 3:02 p.m.

    Dont take whole life off the table completely. If you structure whole life the correct way it our preforms other "buy term and invest the difference" option by 10x. What needs to happen is for for the average person to get educated and not just follow the dogs barking up the same tree. Just because most of the dogs bark up the same tree doesn't make it the right tree.

  • toosmartforyou Farmington, UT
    March 4, 2013 2:27 p.m.

    The only way life insurance pays is if you die. And then someone else gets the benefits. That's ok if your wife needs some guarantee of a future, which everyone wants, right?, but I hope to live long enough that it isn't an issue.

    But it is worse for a young mother to suddenly be a widow and not have any life insurance benefit from her husband's passing.

    I agree that whole Life is a POOR way to go.

  • luv2organize Gainesville, VA
    March 4, 2013 10:43 a.m.

    Take Whole Life Insurance off the table completely. You can buy more insurance with a term life product at a fraction of the cost of whole. Use other methods to invest money - never do it in whole life. Another MUST is a will. When you have your first child or before both of these should be done without delay.