I currently have a 30 year term life insurance policy- will last me until I’m 62 and guarantees 400k if I pass early.
A lot of insurance guys that I know and a few other people outside of insurance claim a permanent life insurance policy is a good option. There reasoning is you get compensation if you pass, plus you get your principal back once you hit a certain age.
I have read that permanent life insurance ends up being lucrative for the insurance broker, and is not a great deal. I have heard that you should take term and invest the difference.
I was curious to know Stacey’s thoughts and others take as to which is better life or permanent and why. thanks
Here’s my opinion, Scots: http://www.moneytalksnews.com/ask-stacy-is-life-insurance-necessary/
Spoiler alert: I’m not a fan of permanent insurance.
all life Insurance is term. The life insurance has dates that all insurance will stop. term just go for number of years then stop with no moving part in the contract. permanent or whole life goes to age 100 or out pass age 100 which is in the contract. Then pays back the payment you pay over your lifetime plus interest back to policyholder. Insurance is transfer how much risk does any one person want on their financial world or nest egg.
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