Quote:
Originally Posted by Twisted Canuck
Lots. Do some research on the topic, and you will quickly find most financial advisors will recommend term insurance, and do your investing elsewhere. It's a bundled product, you are paying for an insurance component and and investment/saving component. It is notoriously bad returns, and you can only ever collect on one component.
I'm sure some salesman will show up shortly to extol the virtue of it though, because their commissions are obscenely bloated compared to term. It's why insurance companies are filthy profitable.
Here's a primer on the topic:
https://blog.wealthfront.com/whole-v...ce-investment/ |
Ok TC. I will play along. Full disclosure - I'm in the business.
I deal in all...term, whole life, ulife, group. Lots of different factors that influence a recommendation. Amount required, time frame, tax rates, appetite for guarantees vs risk, etc. To provide a "cookie cutter" recommendation and say buy this and not that without knowing the entire situation is poor planning. Lots of cases where having some of both is an excellent fit. Go see a trusted advisor (or two, or three) and get their opinions. I believe you will get a vibe as to whether you are dealing with a planner that has your best interest at heart or a salesman selling a product.