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Wholelife insurance

N

nitsuj3580

Platinum Member
I've been doing research on my own but I thought I'd ask the people here who have wholelife insurance policies what company they go with?

I was thinking of going with the 65 Life plan from Northwestern Mutual.
 
You don't want whole life. You want term. More coverage for the money. Ignore that insurance sales blather about investment and cash value - if that's important to you, invest the difference in cost on your own. That way your investment options are limitless.

This applies no matter what company you're talking about. If you need insurance, buy only insurance (i.e. term). If you want to invest, then invest. But don't mix the two, because it will cost you more money than you need to spend.
 
Originally posted by: kranky
You don't want whole life. You want term. More coverage for the money. Ignore that insurance sales blather about investment and cash value - if that's important to you, invest the difference in cost on your own. That way your investment options are limitless.

This applies no matter what company you're talking about. If you need insurance, buy only insurance (i.e. term). If you want to invest, then invest. But don't mix the two, because it will cost you more money than you need to spend.
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whole life isn't bad if you want a policy for a child, etc., but yeah, if it's for you to protect your family, you need term.
 
I know the guys at fool.com like the term insurance and invest the difference strategy.

I guess I'm looking for other ways to invest some money I have sitting in a savings account. I have a 401K, max out my Roth IRA, and have a few other mutual funds/stocks. I figured wholelife might be the next thing to do since it's conversative and I'll have some supplemental retirement income or a life insurance policy for the family should something happen.
 
You wouldn't put your money in a 0.2% CD for five years just to diversify, and neither should you buy whole life for diversification. It's really a waste of money.
 
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