Comments on: Term-Life vs Whole-Life Insurance

By: Bill Young

Bill Young — Thu, 20 May 2021 19:59:52 +0000

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

Ryan Gray — Wed, 07 Aug 2019 07:15:31 +0000

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

kavin kahrer — Thu, 25 Jul 2019 05:46:25 +0000

i want to make life insurance

By: Jeff Rose

Jeff Rose — Tue, 10 Nov 2015 15:55:25 +0000

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

Angela Bui — Mon, 03 Aug 2015 15:05:37 +0000

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

Jeff Rose — Sun, 29 Sep 2013 22:22:08 +0000

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

Andy Beasley — Sat, 28 Sep 2013 21:32:09 +0000

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.