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Thread: Life insurance

  1. #1
    Join Date
    May 2007
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    Rhode Island
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    Question Life insurance

    Does anybody here sell life insurance for a living? I'm looking for the pros & cons to whole life vs term life. Right now I have VGLI (veterans group life insurance) I am looking to get more coverage & wondered if anybody has any experience with this subject.
    Last edited by Chuck Beland; 11-02-2008 at 01:15 PM. Reason: added more info

  2. #2
    There was a multi-page discussion about this about a year or so ago. You may do a search and find it. I was the original poster, but if memory serves me right, it got nasty and had to be locked. Try PMing Jeff Horton about it. He has some good insight into the differences.
    I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"

  3. #3
    Join Date
    Nov 2006
    Location
    London, Ontario
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    Thumbs up

    My understanding is that at it's most basic, it comes down to this:
    Term = just life insurance
    Whole = life insurance plus a kind of savings.

    My wife and I are very disciplined with our money, and are savers. As such, I have no use for whole life.

    People who are not that disciplined, or not good at savings, might benefit from having the enforced savings that whole life gives you.

    IMHO, you get better returns, and more control, if you just save the money yourself.

    ...art
    (who is NOT a life insurance salesperson.)
    There's usually more than one way to do it...
    www.wordsnwood.com ........ facebook.com/wordsnwood

  4. #4
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    Nov 2006
    Location
    Delton, Michigan
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    financial planner ideas

    my financal guy thinks this way, you will make more on your money under normal growth sistuations by going with term and using the savings part of wholelife and investing that portion. that is what i have done and am going only by his advice. he went to school to know how to make money and i havnt.
    If in Doubt, Build it Stout!
    One hand washes the other!
    Don't put off today till tomorrow!

  5. #5
    Join Date
    May 2007
    Location
    Rhode Island
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    800
    Thanks guys that's the info I have been getting stay with term life.

  6. #6
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    Nov 2006
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    Delton, Michigan
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    one last thing chuck ,, my guy said that as we get to where we are gonna cash in soon stop having it all together cus at the time you should have your ducks in a row already... that way you dont have the signifacant higher rates to contend with
    If in Doubt, Build it Stout!
    One hand washes the other!
    Don't put off today till tomorrow!

  7. #7
    Join Date
    Nov 2006
    Location
    London, Ontario
    Posts
    3,383
    Quote Originally Posted by larry merlau View Post
    one last thing chuck ,, my guy said that as we get to where we are gonna cash in soon stop having it all together cus at the time you should have your ducks in a row already... that way you dont have the signifacant higher rates to contend with
    Yeah, forgot about this...

    Once my kids are out of the house, I'd probably drop all my life insurance, other than a token amount to cover funeral costs.
    There's usually more than one way to do it...
    www.wordsnwood.com ........ facebook.com/wordsnwood

  8. #8
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    Nov 2006
    Location
    Mountain Home, Arkansas
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    I used to sell it. And, I may be the one that started some passionate discussion by saying there is a place in most portfolios for whole life as well as term.
    Whole life is a safe investment with small growth potential and expensive insurance. But, it is SAFE.
    Term is inexpensive life (death) insurance. Most have no return for the living.

  9. #9
    I've been doing some serious finance stuff now that the farm is really going to be a farm and I am going to TRY and run it right. Anyway I just finished my Asset Page and its scary what I am worth...dead that is. Life Insurance (really death insurance) adds to that but man isn't it depressing to see what I am worth dead versus alive.

    Chuck my friend, spend your time making a cutting board rather than researching life insurance. Its too darn dreary.
    I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"

  10. #10
    Join Date
    Oct 2006
    Location
    The Heart of Dixie
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    4,268
    Since my name came up I will say I pretty much agree with what Larry is saying. From what I have seen IF you will invest the difference in premiums between Whole Life and Term in a good quality Mutual Fund with a good history over the 'long term' your way ahead. The rate of return on Whole Life is very low, safe yes, but so are good mutual funds.


    Before anyone says it, yes, right now your Mutual Fund investment would be dropping because of the drop in the Stock Market. But Mutual Funds are LONG TERM investments and the history of them is they make money over the LONG TERM. They go down in value at times but over the long term if you just leave it along and your in one with a good history you will make money. I have not even looked at my statements during all this. I don't need that money for many years so the only way I will loose money is if I take it out now. So I am not worried.
    Last edited by Jeff Horton; 11-02-2008 at 11:25 PM.
    God grant me the senility to forget the people I never liked anyway,
    the good fortune to run into the ones I do,
    and the eyesight to tell the difference.


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