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Non-Cattle Specific Topics
Every Thing Else Board
term or whole life insurance
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<blockquote data-quote="Brute 23" data-source="post: 1189950" data-attributes="member: 6291"><p>It absolutely applies to farmers and ranchers.... it may not work for people with a bunch of debt.</p><p></p><p>Just like your not suppose to pre - pay funeral expenses. The funeral home will invest that money and make on average 10-12% a year on it instead of you. You should put the money in an account allocated to funeral expenses. If that $8K sits with the funeral home for 5 yrs the funeral actually cost around $13K. In 10 yrs the funeral actually costs you $21K. </p><p></p><p>Funeral homes are very profitable businesses. They have huge mark ups only rivaled by furniture and jewelry. Plus, they make a ton of money on prepaid funerals and other gimmicks. </p><p></p><p>The deal with term vs whole life is if you take the difference between the cost of the two, invest that money on your own, it should out earn what the whole life policy will. </p><p></p><p>Insurance is insurance... investments are investments... don't try to mix the two.</p></blockquote><p></p>
[QUOTE="Brute 23, post: 1189950, member: 6291"] It absolutely applies to farmers and ranchers.... it may not work for people with a bunch of debt. Just like your not suppose to pre - pay funeral expenses. The funeral home will invest that money and make on average 10-12% a year on it instead of you. You should put the money in an account allocated to funeral expenses. If that $8K sits with the funeral home for 5 yrs the funeral actually cost around $13K. In 10 yrs the funeral actually costs you $21K. Funeral homes are very profitable businesses. They have huge mark ups only rivaled by furniture and jewelry. Plus, they make a ton of money on prepaid funerals and other gimmicks. The deal with term vs whole life is if you take the difference between the cost of the two, invest that money on your own, it should out earn what the whole life policy will. Insurance is insurance... investments are investments... don't try to mix the two. [/QUOTE]
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