Just Joined

[indianinnj]

Hello Group,

Just joined from NJ. Researching between IUL v/s Whole Life Insurance to setup LTC + Protection for my family. Any insights on which one is better and what are the gotcha's with each.

Thanks for you help in Advance.
Krishna.

 

[VanWinkle]

Hello Group,

Just joined from NJ. Researching between IUL v/s Whole Life Insurance to setup LTC + Protection for my family. Any insights on which one is better and what are the gotcha's with each.

Thanks for you help in Advance.
Krishna.

No experience with Universal Life or whole life policies as they are high expense products with narrow uses. For Life insurance after retirement, it depends highly on your assets. As assets rise, the need for life insurance lessens and disappears. Some use life insurance for tax benefits. Long Term Care products wrapped in Life Insurance products have gained popularity. The need for LTC Insurance is also based on available assets. Tread carefully before buying these products. Make sure you understand how they work.

Good Luck,

VW

 

[street]

I have both, not sure if that is good or bad but for me the value of having is a plus.

LTC costs us 134$ a month with 5900$ a month if needed for life with many other benefits with that policy. You can do the math, it's well worth the money to me because it isn't just the very old with issues that are in NH's.

As far as LI I have paid up policies that I hope will be left for heirs as a legacy for them not intended for my use, of course, but for my survivors. They also will be tax free for those that will receive them after my death.

As far as needing both, I probably wouldn't need them. I also feel they are nice to have to protect some of my holdings for others after me.

Each of these Insurances are really a personal strategy planning for your future and have been an insurance as a young person going through life that could of turned out way different.