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Joined: Sat Oct 21st, 2017
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| Posted: Thu Oct 28th, 2021 11:09 am |
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Ordinary Biker Joined: Sat Oct 21st, 2017
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Term life literally only lasts for the term you buy. If you view insurance as covering your financial obligations, you don't need it after your earning time is over. Whole life lasts forever. Typically the death benefit of a whole life policy is intended to equal the payout value if you cash it out at 100. If you borrow against the value, that amount reduces the death benefit as well as cash value. You have to continue making payments through the life of the policy. Be sure to pick a decent company, as if they go broke, you lose. Start young because typically you need like 15 to 20 years in before you benefit amount will pass what you put in. Whole life is a 'hands off' approach to earning the money. You can usually get better returns on your money either investing yourself, or through other investment vehicles, but it takes more of your energy.
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