I Believe Whole Life/universal Life is a Waste

I read a lot of people words that life insurance is just a waste, can someone elaborate why and what is the right policy to avail?
 
I read a lot of people words that life insurance is just a waste, can someone elaborate why and what is the right policy to avail?

A bigger waste is giving advice and answering some questions.
 
if you keep reading financial pornography and listening to Dave Ramsey, Suze Orman, and Primerica... you're going to have a hard time.

I love that line! "Financial pornography"!! One of the best lines I've seen in a long time!

Anyways, I met an old life insurance guy in his 80s who asked me if I was selling in the early 90s when the buy-term-invest-difference crowd was real popular, along with the introduction of variable universal life.

He asked me "do you think our clients would have been better off if we sold them plain old boring participating whole life that they could have thrown in the drawer, and pull it out 20 years later full of cash?"

Good point.
 
I don't think that getting a life insurance policy is a waste. Rather it is some sort of investment for which you will surely get returns soon your policy matures. Rather I would suggest all that we must insure not only our lives but also include our kids so that they get the benefit when they turn to be adults. So, nothing goes waste.
 
The older whole life polices had vanishing premiums that the client invested in, whereas the new zero premium whole life policies investment return will depend on how much is invested. Whole life or term insurance I am more interested in selling policies that don't lapse or co-lapse as I have heard it called.
 
The older whole life polices had vanishing premiums that the client invested in, whereas the new zero premium whole life policies investment return will depend on how much is invested. Whole life or term insurance I am more interested in selling policies that don't lapse or co-lapse as I have heard it called.

Ok...I gotta know...how does a policy co-lapse?

Ahh, never mind...you meant collapse. ;)
 
All I know is after 27+ years of ownership, my dividend paying whole lives are the only financial product that I don't have to worry about. They do what they say they would waaay back from the day I bought them.

Whole life is the most boring financial product you can own. If you can't figure out immediately why that is important, well I can't help you.
 
All I know is after 27+ years of ownership, my dividend paying whole lives are the only financial product that I don't have to worry about. They do what they say they would waaay back from the day I bought them.

Whole life is the most boring financial product you can own. If you can't figure out immediately why that is important, well I can't help you.

You can't have too much of it. My only regret is not buying it sooner .
 

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