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Obviously you are not a tax expert, because if you were, you would realize that Universal life is the BEST option for tax deferred growth out there. I work with multi million dollar corporations and save them MILLIONS of dollars in taxes through the usage of UL insurance.
Go buy term insurance and I guarantee you that if you live a long life, you will cancel it for one reason..unaffordable. Insurance companies love it when you pay for years, and then they don’t have to.
I rest my case
I’m paying more because I’m getting more benefits. BTW, I have a very large term policy also. My view on this issue is, permanent ins for permanent needs, term ins for temporary needs. Plus the tax advantages I get through my perm policies are not available to me through any other vehicle. Though I will be able to convert my Trad IRAs to Roth IRAs in 2010. Something my CPA says is going to be beneficial for me.
I do have term ins and a lot of it. But it doesn’t last forever and the money is forever gone. With WL and VUL I have tax advantages that are not available anywhere else (at least for me) and I have liquid assets available to my family at my death to pay all of my final expenses so they don’t have to liquidate assets in a down market (like today!).
I agree!!! That’s good investment.
Let me ask you one simple question? Why is it that your paying more with the VUL and WL you currently have than the term that you should have with a higher coverage and lower monthly payment??
Im sorry but its just common sense.
I hope Susie Orman reads your comments (not in a bad way) but then again, good luck with your money…
I don’t know what policy your looking at but my WL cash value started growing year 2. Also, my VUL is set up to pay out the death benefit AND the cash value. That’s one of the options you have when you buy a VUL or didn’t you know that. Also, if you don’t like the loan consequences of cash value policies, write a letter to the IRS - they are the ones who control the rules on that.
I can’t believe that you would actually even have the nerve to pitch “buy term and invest the rest” after Americans portfolios have been decimated the last 12 months! LoL. Plus Obama has promised to raise taxes on high net worth individuals. Where are they going to get any tax breaks?
Cash Value is TRASH VALUE… Life Insurance with Cash Value is a SCAM!!!!
No to Universal Life Insurance!!!
NO to Whole Life Insurance!!
YES to Level Term Insurance!!
Buy term and get a mutual fund is the best deal in the market out there!!!
BULL !!!!!!!!!!!!!!!!!!
What a common new-age scam…..
YOU DIE AND THE COMPANY KEEPS THE INVESTMENTS/CASH VALUE !!!!!!!!!!!!!!!!!
THE FIRST FEW YEARS NONE OF THE MONEY GOES TO YOUR “INVESTMENTS/CASH VALUE” IT ALL GOES TO THE AGENTS HIGH-COMMISSION…. WHAT A CROC….
AND IF YOU WANTED TO USE SOME OF THE MONEY, YOU HAVE TO TAKE A LOAN OUT? WAIT JUST A SECOND, LAST TIME I CHECKED, WHEN I GO TO MY BANK, I DONT HAVE TO PAY THEM TO GIVE ME MY OWN MONEY!!!!
WHAT A SCAM!!
AVOID AT ALL COSTS!
verry respecfully disagree. let me ask you where does a life insu co put the money after premiums are pd to company? probably a mutual fund. so why not just us go and put our money in a good quality mutualfund?