Quote:
Originally Posted by Amnorix
I think that's pretty fair. I've had whole life for like 18 years and I pay in every year like a good little lad but I still have no idea if it's really worked out well for me. At this point, the cash value is more than the amount I've paid in, so I'm "ahead" in that respect, but BECAUSE I DIDN'T DIE, I would've done much better by not having the policy at all and instead just investing it. MUCH better.
But if I had died, whatever, 15 years ago, my wife and young kids would've been ****ed, so that doesn't seem like an option.
At a point in your life where you have people depending on you, unless you're independently wealthy and your family could take the hit, you need to have life insurance. Now you need to decide term vs whole.
I do kinda like, now, that my policy could pay for itself and keep going indefinitely (dividends/interest equals the premium pretty much) and that whenever I do pass the entire cash value will be there plus the death benefit.
But was it worth missing out on 18 years of stock growth? Meh. Maybe. But again, only because I didn't croak.
If I had to do it all again, I probably would've gotten alot more term life and just suck up the fact that if I don't die it will have been "wasted" money, just like house and car insurance are for any given year where nothing bad happens.
|
I have a 25-year term life policy, whatever that means. I think it expires at some point, and I'm trying to talk the wife into not having life insurance after that. We have no kids and our house is paid off, and by the time we need to buy insurance again we'll be close to retirement. We can cover funeral costs and that sort of thing, so I'd rather save the relatively large cost of buying life insurance for two retired people. I'm not sure she's buying into it yet, though.