Recently, I was approached about getting whole life insurance. I already have term life insurance but the person who approached me said whole life was a great investment vehicle for safe long term growth.
I then asked my Dad his thoughts on whole life, and he immediately cautioned me to not go forward with it and just increase my term to meet my needs. He said he had put a lot of money over the years into whole life, and it was one of the worst investments for him, and then told me to go invest my money somewhere else.
He also put me in touch with a gentleman who used to work in the insurance industry, who then told me there's more cons to WL than pros. When I told him which company it was with, he said to "Run!", cautioning me against a lot of fees and promises of dividends that never come to fruition.
(If I say the company I'm fearful this thread would get zapped)
Again, I can always increase my term amount, but I will never get that money back. On the flip side this guy who wants me to get whole life is asking me to put a load of money, each month, to carry my policy. Something about it just doesn't feel right.
Do any of you have any opinions or experience with whole life insurance? TIA
I then asked my Dad his thoughts on whole life, and he immediately cautioned me to not go forward with it and just increase my term to meet my needs. He said he had put a lot of money over the years into whole life, and it was one of the worst investments for him, and then told me to go invest my money somewhere else.
He also put me in touch with a gentleman who used to work in the insurance industry, who then told me there's more cons to WL than pros. When I told him which company it was with, he said to "Run!", cautioning me against a lot of fees and promises of dividends that never come to fruition.
(If I say the company I'm fearful this thread would get zapped)
Again, I can always increase my term amount, but I will never get that money back. On the flip side this guy who wants me to get whole life is asking me to put a load of money, each month, to carry my policy. Something about it just doesn't feel right.
Do any of you have any opinions or experience with whole life insurance? TIA
