The Downsides of Whole Life Insurance
Whole life insurance has no downsides, says the agent. Say what? If your agent is such a fanboy that he can't articulate the downsides of a WL policy, you need a new agent.
While permanent life insurance is dramatically oversold (especially as another “retirement plan” for doctors), there are certainly times when it can be useful.
Whole life insurance has no downsides, says the agent. Say what? If your agent is such a fanboy that he can't articulate the downsides of a WL policy, you need a new agent.
In this episode we cover disability insurance, loaning money to family members, buying Facebook shares, student loan management, backdoor Roth IRAs, saving on your mortgage rate, whole life insurance, and more.
In this episode, we revisit whole life insurance and discuss some situations in which you may want to buy or keep the policy you were already sold. Plus answer lots of reader questions.
Pro/Con with Bryan Kuderna, CFP, LUTCF. I'll be the first to admit there are some niche uses for whole life but doing it with borrowed money? Not for most docs.
Almost every doctor has been approached by a whole life insurance salesmen. Many of us have mistaken them for an impartial financial advisor and bought what they were selling, only to realize what happened years later. Then what?
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There are lots of smart ways to get rid of your whole life policy. Here's another one you might like, exchanging it for a MEC.
Variable universal life insurance policies (VUL) are complex financial instruments. The very wealthy may get substantial tax benefits from using one, but most doctors probably won't. Since it requires a life-long commitment, think very carefully before buying one.
The Section 79 Scam. Doctors hate to pay taxes. Insurance agents love to sell insurance. Combine the two with a tax deduction the IRS offers and you end up with situations like Section 79 plans.
Index Universal Life Insurance has a sales force of thousands pushing it. Although there are plenty of bad policies, the best ones aren't terrible.
Indexed Universal Life Insurance sounds awesome. Market Returns, no downside risk, plus a death benefit? What's not to like? Unfortunately, it's too good to be true. Find out why!
While 10-pay policies have a slightly higher return than traditional whole life, they're still a relatively poor long-term investment.
Bob Whitlock explains the mechanics of whole life insurance, including investment return calculations and the source of dividends.
Considering a 1035 exchange? Learn when it makes sense to swap a life insurance policy—and why cashing out or keeping the policy may often be the better choice.
Variable universal life insurance is rarely a good idea. In this post I explore what it would take for it to be a good idea for you.
The LEAP system advocates using whole life insurance to solve all of life's financial ills. It's more of a method to sell insurance than a financial system.
Medical school may not have taught you about money, but we will.
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