...because it turns out life insurance is bogus... especially the policies recommended.
4. Whole life/universal life. Life insurance is a tool, not an investment. With whole life/universal life insurance, you will pay a higher premium with the promise that the company will take those extra dollars and invest them for you. The problem is that this type of insurance is very expensive. The investments dont grow because the expenses eat up your interesthttp://money.usnews.com/money/blogs/my-money/2012/07/12/4-life-insurance-policies-you-should-never-buy
n 29 years as a financial planner, Ive yet to see whole life or universal life pay off for any client. Often, people have little to show for such policies other than the money they paid in. Whole life and universal life policies are the reasons why life insurance companies can afford big buildings and Super Bowl ads. The only time these policies make sense if you have an estate-tax problem but this is a subject beyond the scope of this post.
Life insurance is a very important tool. When you use it for its intended purpose, its great. That means you should look to term life to cover your family protection needs. Ignore the slick sales gimmicks of guaranteed life, life insurance or children, travel and accident insurance, and whole life/universal lifehttp://money.usnews.com/money/blogs/my-money/2012/07/12/4-life-insurance-policies-you-should-never-buy