More Unprepared Folks

[M Paquette]

So, whole life has no use, whatever, to anyone?

Are you kidding? Not only are the initial commissions nice, but the residual income stream from policy renewals is great. A good agent can continue to make money from sales they made years or even decades ago.

Whole life definitely has a use for someone.

 

[FinanceDude]

Are you kidding? Not only are the initial commissions nice, but the residual income stream from policy renewals is great. A good agent can continue to make money from sales they made years or even decades ago.

There is residual income on car, boat, health, disability, homeowners, etc. The only way to keep an agent from not making money on policy renewals is to cancel all those insurances.......

 

[haha]

There is residual income on car, boat, health, disability, homeowners, etc. The only way to keep an agent from not making money on policy renewals is to cancel all those insurances.......

You give me great idea! I will kill myself so no one will ever make any money from dealing with me again.
Hooray! I win!

 

[FinanceDude]

You give me great idea! I will kill myself so no one will ever make any money from dealing with me again.
Hooray! I win!

 

[73ss454]

You give me great idea! I will kill myself so no one will ever make any money from dealing with me again.
Hooray! I win!

Don't do that Ha, we will miss you too much. Just move all your money to ML and it'll make you feel better.

 

[Gumby]

Insurance is insurance, investment is investment.

I can think of one narrow circumstance where it may make sense to go with a whole life policy. Suppose one is an employee in the top tax bracket and has exhausted all means of tax deferred saving -- i.e. maxed out 401k, maxed out non-deductible IRA. Depending on the crediting rate, the mortality charges (and the equivalent charge for a term policy), and any commissions or surrender charges, it may make sense to buy the whole life policy now, allow the policy earnings to grow tax free and then, once FIRE'd and presumably in a lower tax bracket and without an ongoing need for insurance, simply cash out the policy. One can get tax deferral and meet one's insurance needs at the same time.