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Non-Cattle Specific Topics
Every Thing Else Board
Whole or Term?
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<blockquote data-quote="norriscathy" data-source="post: 156876" data-attributes="member: 2961"><p>There is no such thing as "life" insurance; only "death" insurance. Insurance is necessary to pay debts and provide for you family in the event of your death. It is NOT an investment vehicle. If you buy whole life it usually takes three years before you start building cash surrender value. Those premiums for the first three years pay the agent's commission! Then when you die you normally only get the face value of the policy anyway; NOT the face value and the CSV you've been paying so dearly to build up.The ONLY way to go is term! Don't believe me? Take the difference in premiums and put it in a 4% CD. You will be amazed at how much more cash your family has after 20 or 30 years PLUS you still have the face amount of the policy as protection. TERM! TERM! TERM! TERM!</p></blockquote><p></p>
[QUOTE="norriscathy, post: 156876, member: 2961"] There is no such thing as "life" insurance; only "death" insurance. Insurance is necessary to pay debts and provide for you family in the event of your death. It is NOT an investment vehicle. If you buy whole life it usually takes three years before you start building cash surrender value. Those premiums for the first three years pay the agent's commission! Then when you die you normally only get the face value of the policy anyway; NOT the face value and the CSV you've been paying so dearly to build up.The ONLY way to go is term! Don't believe me? Take the difference in premiums and put it in a 4% CD. You will be amazed at how much more cash your family has after 20 or 30 years PLUS you still have the face amount of the policy as protection. TERM! TERM! TERM! TERM! [/QUOTE]
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