How do I determine if Term or Whole Life Insurance is best for me?

How do I determine if Term or Whole Life Insurance is best for me? How do I determine if Term or Whole Life Insurance is best for me? BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes RELATED: What would be a used sports/luxury car that costs under $15k that has lower cost insurance? I want this car to be something that people want to look at when you drive by, no Corvette, already have one of those. Car insurance cheaper with 2 drivers? Also to timbo is here, when it comes to it in 2 years when I get… Read More

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Is whole life insurance a good investment vehicle and estate planning tool? Or are Mutual Funds better?

Is whole life insurance a good investment vehicle and estate planning tool? Or are Mutual Funds better? I am a Male 29 putting money in 401K upto company match.Ineligible for Roth.Cud max IRA,401K but is tht advised? What about further after tax dollars? These are points I have read on WLI as investment vehicle- Pros: 1)Builds cash value and insures survivors 2)Earnings are tax free 3)Don’t have to pay 50% estate tax when transferring proceeds to heirs 4)Can borrow/take loans against built up cash value 5)Gains advertised on products such as Mutual Funds don’t include taxes on gains and fees. 6)If you get divorced don’t lose half your wealth unlike… Read More

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23 years old. Should I buy whole life now?

23 years old. Should I buy whole life now? The policy is participating and through a mutual insurance company (guardian Life). I figure after about 15 years of paying, the dividends could end up paying for the policy and id have it for the rest of my life for free. as the dividends keep accumulating i could use the extra dividends over the premium to either take as cash and have a lifetime income. am i missing anything? this sounds like a good plan. is anything i mentioned wrong or am i overestimating the benefit of buying this policy so young? I may not need the life insurance protection now… Read More

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What exact is whole life insurance, and how do life insurance companies profit from selling it?

What exact is whole life insurance, and how do life insurance companies profit from selling it? Agents are always extremely keen about selling my family whole life insurance instead of term. According to the agents, whole life is preferable to term since it does not expire and as a result the beneficiary is guaranteed some payment upon the death of the insured. However, why would the insurance company profit from such a setup if they are bound to pay back an amount that is at least equal to the total amount paid? I have tried to do some research on my own, but I still can’t seem to fully understand… Read More

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