Life insurance vs 401k

If you can afford it easily you could put a lot more in your retirement fund and be able to afford to retire at an earlier age (like 59 1/2) instead of 65 or 70.

 

You want term life to protect your family, NOT whole life as an investment (it is a terrible investment / growth mechanism). The only people that support whole life policies are those that sell them. You might look at Dave Ramsey's web site to learn more. You can buy 10x the term life insurance for 1/4 the whole life premium. First step is to figure out how much insurance you need to support your family if you die before retirement. THEN you can contact term life carriers to get a quote that might surprise you.

 

If u dont die term keeps everything (heads up, everyone is gonna die and most wont have term insurance when they do)

 

The idea is to invest and not rely on insurance. Whole life is counter intuitive if you're trying to accomplish this.

 

I really wish there was an unlike button on here for when people give stupid advice.

 

I can't NOT LIKE THIS, but if I could I would!
I don't recommend whole life insurance! Period!
I could dig into this, but it's time to start the grill

 

No one like it but I rather have some to cover my funeral cost. I don't have 10-15 grand laying around if I die from a freak accident.

 

That's not your problem if you're dead. Jk. A cheap term policy will cover you. You should be able to get 20 years for $100,000 for $10-$15 month if you're in decent health. I bought mine from Zander insurance. I pay $30 a month for $700000 and $20 a month for my wife at $500000

 

Then buy term insurance and pay only for the insurance. Its a very poor decision to pay for insurance mixed with a bad investment.

 

I chose whole life instead of term lock on price. A lot of People out live their term and have to re-buy another plan. health degrades As you age so it end up being more expensive than before.

 

You can lead a person to a good financial decision but you can't help them if they want to buy a horrible product.

 

My advice...don't seek financial advice from a truck forum.

 

Lol. Good call

 

Agree best advice right there. All mine is from personal experience.

 

Sell your whole life policy and take the money from your cash value and buy stuff for your truck. Does that sound better? Lol

 

Naw truck is all done to where I want it. Money is put into my 401k, fishing and hunting.

 

Unless it is to protect an investment..such as my example, I have enough life insurance so my wife could keep our home and provide for my arrangements should I pass away

 

There good and bad in life insurance. Luckly I've been paying mine since I was 16. Also I found out last year that im diebetic but that doesn't change my premium which is good. Now if I was to cash out and later decide to get another plan, I could be sol or if I get approve I will definitely pay a higher rate. My whole life is staying until I decide to sleep 6 ft under.

 

lol

So, how many times have you used your whole life insurance?
Did you know you can take out loans against your whole life policy.
You can also take out loans against your 401k. If you really want to make a bad decision.

 

Havent had the need to take out anything from my insure plan. just watching my plan accumulate cash value. all the money from my insure is for my funeral expense and family member. Our funeral are stupid expensive averaging 15k and that just funeral alone, add another 5-10k for misc stuff. pretty much they don't have to worry about the funeral part. 401k is all mine and if need it be, i'll take out a little from insure plan.