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Old 11-16-2018, 12:52 PM   #2423
TinyEvel TinyEvel is offline
Just a li'l Evel
 
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Join Date: Sep 2005
Location: Bald. Goatee. Jorts.
Casino cash: $5617131
I'm not going with the whole life. Its basically putting a big wad of money into an account for 18 years to have access to about that same amount of that money. Anything you pull out takes away from the balance of the account AND the death benefit. I'd rather manage my own investments and pay uncle sam 30% of a higher wad of investment gains.

What it came to, was once I started running scenarios of how/when I would want to use the money down the road, the perceived benefit went away. The insurance salesman (introduced to me as a financial advisor, lets be clear, he's a salesman first) didn't tell me details about how taking money out would deplete the asset AND the benefit. I was led to believe that there were three piles of money (long term care benefit, death benefit and cash value) when in fact they are all the same pile of money, and once you start to withdraw from any of them they all go down.

Whole life insurance investments are for people who've maxed out their 401 K, IRAs and other investments (real estate, rental property, etc) and want to leave their family money when they die that isn't taxed like estate tax.

Last edited by TinyEvel; 11-16-2018 at 04:39 PM..
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