Comments on: Term-Life vs Whole-Life Insurance https://www.goodfinancialcents.com/term-vs-whole-life/ Tue, 03 Oct 2023 07:10:56 +0000 hourly 1 https://wordpress.org/?v=6.4.3 By: Bill Young https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9614262 Thu, 20 May 2021 19:59:52 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9614262 There are people where whole life makes sense. I am a type-1 diabetic. Diagnosed at age 17. Every time I changed jobs, I bought as much whole life as I could afford. Now that I am approaching my mid-50s, trying to get term insurance for a good control T1 diabetic is simply impossible. And certainly not affordable. I have a mix of term and whole life. Both kinds of policies have their place. And for people who are medically uninsurable, whole life at guaranteed issue is the way to go when you can get it.

]]> By: Ryan Gray https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9527231 Wed, 07 Aug 2019 07:15:31 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9527231 Thanks for sharing this article! I really appreciate how you have listed all the pros and cons for both group and individual coverage.This is something that can help a lot of people who are looking or are considering getting a disability insurance. But disability insurance can be expensive and sometimes not beneficial for every person. I think people should discuss this with an insurance broker or agent and analyze their condition before buying it. This is something that I did and my agent at IFG Insurance Services really helped me and proposed a joined life and disability insurance plan which really helped cut the premiums had I bought an individual disability insurance plan.

]]> By: kavin kahrer https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9526163 Thu, 25 Jul 2019 05:46:25 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9526163 i want to make life insurance

]]> By: Jeff Rose https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9484825 Tue, 10 Nov 2015 15:55:25 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9484825 In reply to Angela Bui.

@Angela Yes, you are spending WAY too much. Please contact us so we can review your options.

]]> By: Angela Bui https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9443935 Mon, 03 Aug 2015 15:05:37 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9443935 I would like some insight. I am currently spending $175 a month for a $250,000 whole life policy. My boyfriend is concerned that I’m spending WAY too much for insurance and my agent just wanted to make the commission. Please advise.

]]> By: Jeff Rose https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9044464 Sun, 29 Sep 2013 22:22:08 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9044464 In reply to Andy Beasley.

Whole life for a 30 year old from New York Life or Northwestern has many uses and should be a part of every young persons portfolio. While it does not make sense to cover their entire life insurance need with whole life, it certainly makes sense for a young person

This one of the most reckless statements involving life insurance that I’ve heard and I can only assume you’re an insurance agent that pushes whole life insurance on unsuspecting individuals. Every young person that I’ve encountered that has been sold whole life insurance 1. Does not have enough term life coverage to begin with and 2. Is not saving nearly enough in their Roth IRA’s or 401k’s.

Why? Because they’re sinking every last dollar they have into their overpriced whole life policy.

I’m 35 years old and there has never been an instance where a whole life policy made sense for me and my family. I have a $2.5m term policy that will take care of my family until I’m 64 and will be self-insured by the time the policy expires. This is the same strategy that I advise to all my clients.

I think you like the commission check that comes with indexed products instead of logical and concise customer-oriented advice.

Hmmm….I could say the same to you for pushing whole life insurance over term. To this day, we’ve had only a handful of clients (<5) that have bought indexed insurance and that's because that's what they wanted. 99.95% of our clients buy term life.

What does not make sense is recommending anything indexed and how you have made it as a financial planner having no intellect regarding life insurance.

The only insurance product that I recommend over anything over is term. I present indexed as an option. I’ve made 10 years as a planner because I present my clients with options and let them decide what’s best for them while never pushing propriety products.

Can you say the same in your less than 3 years experience?

http://www.brightscope.com/financial-planning/advisor/868324/Andrew-Beasley/

]]> By: Andy Beasley https://www.goodfinancialcents.com/term-vs-whole-life/#comment-9044353 Sat, 28 Sep 2013 21:32:09 +0000 http://gfc-live.flywheelsites.com/?p=34408#comment-9044353 Whole life for a 30 year old from New York Life or Northwestern has many uses and should be a part of every young persons portfolio. While it does not make sense to cover their entire life insurance need with whole life, it certainly makes sense for a young person. A $250k term for a 60 year old, if they can qualify, would be well above the cost that someone who planned ahead pays for their whole life policy even after thirty years.

Plus, thirty years of cash growth would be substantial, even in poorly performing policies. Not to mention the death benefit would be considerably larger if they chose paid up additions. So, if it makes sense budget-wise why would you not recommend having permanent coverage in addition to temporary? What does not make sense is recommending anything indexed and how you have made it as a financial planner having no intellect regarding life insurance.

I think you like the commission check that comes with indexed products instead of logical and concise customer-oriented advice.

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