Whole life insurance?

[SonofYAHWEH]

Just wanted to know if anyone has or thinks it is plausible to get whole life insurance policy with a economic crash most likely on the verge.

[kshymkiw]

I have had life insurance for the past 6 years or so. I would assume you could get coverage pretty easily.

*edit* this is term, not whole.

[Mark777]

I've heard multiple times that it's best to buy term life insurance.

I think I've heard that whole life insurance companys are almost 100% invested in the stock market...so all your "insurance" benefits will disappear if/when the stock market crashes and the insurance company declares bankruptcy.... Bankruptcy could happen with a term life insurance company also but at least you are NOT as financially into the policy as with a whole life policy.

Personally, the only life insurance I have is the little policy I have thru work...not saying I shouldn't get a term ins. policy...just haven't done it yet.

[bellboy]

(03-19-2012 01:52 PM)Mark777 Wrote:  I've heard multiple times that it's best to buy term life insurance.

I think I've heard that whole life insurance companys are almost 100% invested in the stock market...so all your "insurance" benefits will disappear if/when the stock market crashes and the insurance company declares bankruptcy.... Bankruptcy could happen with a term life insurance company also but at least you are NOT as financially into the policy as with a whole life policy.

Personally, the only life insurance I have is the little policy I have thru work...not saying I shouldn't get a term ins. policy...just haven't done it yet.

I have had a whole life policy for close to 30 years. I am in my 60ies
and tried to switch to a term life policy a couple of years ago. Because of my age it is cheaper to keep the whole life policy then replace it with term ins. Personally I would love to cash the insurance policy out but, the wife wants that insurance on me. As stated before when the system crashes these insurance companies will go belly up.I feel I can put that money to better use.

[shannonL]

Life insurance's core benefit is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

[fbglass]

term life insurance is significantly cheaper and if you were to invest the difference in silver you would have a greater ending value than if you were use whole life insurance. the principle behind whole life insurance is that as you pay your premiums part is saved until there is a balance great enough for you to be self insured. by investing the difference between whole and term you can reach the "self insured" threshold faster, but only if you invest the difference.

[Stevens]

I really like this insurance idea, its pretty good. when you get old you become helpless instead of dying in a nursing center with these kinds of insurance you can live very comfortable in any aged home where every kind of facility is available for you. They insurance money can help you on this time.