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Questions tagged [whole-life]

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2
votes
0answers
72 views

Retirement Conversion to whole life insurance or not

Both my husband and I had term life insurance policies that were convertible at age 60 to whole life. I am 67 and converted mine years ago. My younger husband is reaching the deadline date for ...
5
votes
1answer
376 views

Can I trade the death benefit for more cash value in a whole life insurance policy?

There are several questions on this site that make good arguments that whole / cash value life insurance policies are not good investments (see here, here, and here). For the most part, I'm convinced ...
3
votes
1answer
76 views

Does my life insurance company have to tell me the interest rate for borrowing on my cash value before I process the loan?

I have a permanent (whole life) insurance policy. I want to take out a loan on my cash value, so I called the company to get information. The company representative told me that they would give me ...
3
votes
2answers
296 views

Life Insurance payout vs. inflation costs

I'm currently thinking about purchasing 10 Pay whole-life insurance and I wanted to calculate how long it would take for the guaranteed cash value to break even with the out-of-pocket annual premium ...
24
votes
4answers
5k views

Should I purchase a whole life insurance policy? (I am close to retirement)

I am 65 and my wife is 59, we are planning to work until I am 70-72, and I plan to withdraw social security at 70. We have retirement savings of roughly $2,000,000 of which $1,600,000 is in mutual ...
0
votes
1answer
127 views

How much do whole life policy loans typically cost?

I've been looking into whole life insurance policies. I keep hearing that policy loans are very cheap, but haven't heard any actual numbers. What rate are policy loans typically loaned out at right ...
5
votes
2answers
1k views

Whole Life Insurance As Inflation-Protected Liquid Cash Savings (Emergency Fund)

A financial advisor (Northwest Mutual) told me I should buy a whole life insurance policy as an inflation-protected liquid cash savings. What he said is that while the yield is low, in the long term (...
4
votes
4answers
609 views

Buying Whole Life Insurance with adjustable term protection at 27?

I am a 27 year old male with no dependents, not married, $60,000/year income, and a poor family health history(Dad died of heart attack, mom of cancer, 3 living brothers with heart attack, diabetes, ...
2
votes
4answers
336 views

Roth vs. Whole Insurance vs. Cash

Long time browser, first time poster in "the stacks." Please forgive and inform me of any mistakes I make. I recently graduated college (23 years old) in the US and have started my first salaried ...
3
votes
1answer
475 views

How to dump whole life insurance?

I'm 5 years into my whole life policy with NWM and realizing that its just not a good investment. I've put in about 25k and now have 17k in cash value. I would like to take out that 17k and invest it ...
6
votes
2answers
772 views

Are there benefits to purchasing term life insurance with an option to convert to whole life, and what type of consumers should purchase it?

Most of what I read says, "whole life insurance is not for you", but they don't elaborate much more than that. There's even less about term life insurance that has an option to convert to whole life ...
8
votes
3answers
2k views

What are the consequences of cashing out a whole life insurance policy?

My wife has bought a whole life insurance policy as an investment before we met. She is currently in her early forties and she has been paying into it for roughly seven years. I do not believe that ...
6
votes
5answers
1k views

Whole life insurance as an investment vehicle

From everything I have read I still cannot be convinced of Whole Life Insurance but it seems to be the first thing any financial advisor is trained to sell. From what I read there are minimum ...
3
votes
3answers
223 views

Whole life insurance - capped earnings

I realize from reading answers here that Whole Life insurance is not the best investment vehicle: When is Cash Value Life Insurance a good or bad idea? How can life insurance possibly work as ...
8
votes
4answers
3k views

Timing on cashing out whole life policy?

8 years ago I was talked into a whole life policy. Big mistake, I know. Currently, the cash value of the policy is around 50% of what I've actually paid in premiums. I would like to cut my losses but ...
4
votes
1answer
3k views

How should I represent a Whole Life insurance policy in Quicken?

I have a Whole Life insurance policy (actually Northwestern's Adjustable Combination Life) and I track my finances through Quicken 2011. What is the best way to set up an account to track payments ...
4
votes
1answer
108 views

How to do long-term financial planning if your career is expected to be international?

I am thinking of getting life insurance and starting to think seriously about retirement (I'm going to turn 30 next year), but I expect that I will live in a couple of different countries over the ...
10
votes
4answers
9k views

“Infinite Banking” or “Be Your Own Bank” via Whole Life Insurance…where to start?

I've been researching the concepts of "Infinite Banking", "Be Your Own Bank", etc., as they seem to be hot topics right now. At first, I was extremely skeptical about the concept, however, I believe I ...
20
votes
4answers
13k views

When is Cash Value Life Insurance a good or bad idea?

What makes CVLI either good or bad? If you get it while young (~23 years old) and have a respectable starting salary then what are some benefits or detriments to having it? The specific policy I'm ...
20
votes
5answers
2k views

Why should I invest my money in a life insurance policy?

As i am 24 now i get lot of calls from lot of insurance companies asking to take up an insurance policy.... So i decided to get answers for some of my questions in basicallymoney... Why should i ...
16
votes
5answers
672 views

What kind of life insurance is cheaper? I'm not sure about term vs. whole vs. universal, etc

What kind of life insurance policies are the cheapest? what are the features of different kinds of policies out there? What should I be looking for?