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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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<blockquote data-quote="GM Nitemare" data-source="post: 15906226" data-attributes="member: 96145"><p>Why is whole life more expensive than term? Because it's worth it. Look at the cash surrender value of a whole life policy in year 20 vs the total amount of premiums you paid into a Term policy. When you buy whole life insurance, you're done with it. You don't need to renew it or have it re-written at time of renewal like term insurance. It's payable until you DIE. Term insurance does have it's place. But it's not the best insurance to have. I am a Financial Advisor. I just met with a client 20 minutes ago. Here is what his whole life policy looks like:</p><p>Purchased- Feb 06/1997</p><p>Death benefit=$100,000.00</p><p>Monthly premium=$64.60</p><p>Cash surrender value today=$22,670.56</p><p>Cost of policy=64.60 x 255(months)=$16,473.00</p><p>CASH VALUE INCREASE OVER PREMIUM PAID=$6197.56</p><p>If he had purchased a Term 20 policy back in Feb 1997. He would have paid close to $6000.00 for it, with no cash value. His renewal rate would be out of this world(he's 61 now, and in poor health) In my opinion. Those people who tell you that Term Insurance is the best or the only type of insurance to buy are simply uneducated.</p></blockquote><p></p>
[QUOTE="GM Nitemare, post: 15906226, member: 96145"] Why is whole life more expensive than term? Because it's worth it. Look at the cash surrender value of a whole life policy in year 20 vs the total amount of premiums you paid into a Term policy. When you buy whole life insurance, you're done with it. You don't need to renew it or have it re-written at time of renewal like term insurance. It's payable until you DIE. Term insurance does have it's place. But it's not the best insurance to have. I am a Financial Advisor. I just met with a client 20 minutes ago. Here is what his whole life policy looks like: Purchased- Feb 06/1997 Death benefit=$100,000.00 Monthly premium=$64.60 Cash surrender value today=$22,670.56 Cost of policy=64.60 x 255(months)=$16,473.00 CASH VALUE INCREASE OVER PREMIUM PAID=$6197.56 If he had purchased a Term 20 policy back in Feb 1997. He would have paid close to $6000.00 for it, with no cash value. His renewal rate would be out of this world(he's 61 now, and in poor health) In my opinion. Those people who tell you that Term Insurance is the best or the only type of insurance to buy are simply uneducated. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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