250K Whole Life

[ryan_russell]

@guacamole I know math and I know how these products work. The is 0 times a 250k IUL is less expensive than a term policy. And there is 0 times a 250k IUL will have less money than a Roth IRA in 30 years, if they are using the exact same amount of dollars per plan.

So yes. I know math I can confidently say that an IUL is a HORRIBLE plan

 

[qity]

@ryan_russell Who's talking about IUL?

OP has whole life.

 

[ryan_russell]

@qity Thanks for pointing that out. Apparently I've been reading too many posts about IULs. They blurred together

But the point remains. Horrible grower. Bad policy. Boot it

 

[guacamole]

@ryan_russell 100% IUL are garbage. But there are other products. A straight term is just throwing money away.

 

[javelinda]

@viridiana That is terrible for someone who is so young omg!
As a financial advisor I see this all the time. You could get over a million in coverage for less than that if you had a term policy. I recommend you watch this video it will explain everything you need to know about life insurance. What state are you in?
What type of life insurance is best for me?

 

[shaimaaalmahdy]

@javelinda As a financial advisor, you saying that without looking at their current financial plan, goals, illustrations, etc are potentially leading them astray and should respectfully shut your mouth.

You have no idea what the purpose of their whole life plan is in the financial plan. What their cash value is planned for, what their dividend rate is, what their diversification is, what their risk profile is.

If you have your securities license I would respectfully shut the fuck up because you sound like an idiot pitching a million dollar term policy for literally no reason.

 

[easternpresent]

@javelinda Wrong

 

[javelinda]

@easternpresent RIGHT!

 

[easternpresent]

@javelinda You have your series 65 and work for Primerica?

 

[javelinda]

@easternpresent I don't work FOR Primerica

 

[evanburnside12]

@javelinda Term is money out the window.

 

[javelinda]

@evanburnside12 So car insurance is money out the window?

 

[evanburnside12]

@javelinda A car accident isn't guaranteed.

 

[javelinda]

@evanburnside12 Why do people need life insurance in the first place?

 

[evanburnside12]

@javelinda People need to provide a death benefit to their families. Before that happens, whole life insurance builds up cash value that you can use to finance your life.

 

[javelinda]

@evanburnside12 How do I access the cash value?

 

[evanburnside12]

@javelinda Policy loans are the most efficient way. You can always cash out, but then you'll have to pay taxes on the gain.

 

[javelinda]

@evanburnside12 So if I want to access my money without paying taxes you're saying I need to borrow my own money?

 

[evanburnside12]

@javelinda You're not borrowing your own money. Your death benefit is the collateral. You're borrowing money from the life insurance company. Your cash value continue to grow at the same rate.

 

[sav3dbyhim]

@viridiana I can do better for you bro