Getting Prepared For The Philippines > Life and Other Insurances

Is there advantage on having 2-3 Life Insurance Plan (Whole Life)?

<< < (3/3)

Hestecrefter:
Majal, you said, in part:


--- Quote from: Majal on October 26, 2015, 07:05:54 AM ---One of the reason why I was asking was that with Whole Life insurance policy  I could take it out once it mature on my choosing before or when I reach 65 I can cash it out tax free. I don't lose everything even when the market goes down, there's a cap where I don't completely lose my money, either a million dollar when I die go to my beneficiary or I take the cash value at 65 (which is by genes, seem to hold much longer pass 80 yrs old)....
I already have the SGLI (military)  and me and hubby got Whole Life also. I am thinking of moving some money,  I noticed there are  more returns from this than the traditional saving account hence for the future.... what's your take on that?

--- End quote ---

To be honest, I have no take on that, not having much familiarity with insurance products.  I have expressed views here from the standpoint of one who has seen first hand and, more frequently from the files of attorneys around me, the difficulties one can encounter when it comes to collecting on insurance policies.  That extends not only to life insurance, but fire insurance, disability insurance and other varieties are often the subject of litigation.  So I have nothing of value to offer in response to your query.  I see that bigrod posted to this thread that he sold insurance, maybe he can offer some comment.

I will certainly accept the proposition that for some, carrying some form of life insurance can make sense.  It certainly seemed to make sense for your friend.  A $2 million payout or inheritance is more than most widows can expect to receive.  Not many would want to pay the premium on a term policy of that magnitude, at least not later in life. 

I can see where, for some, carrying a sizeable policy early in life can be of some utility.  An example would be the case of a "traditional" marriage where the husband works outside the home and the wife does not, remaining instead as a homemaker and caring for kids.  Not many like that any more, but, in such a case, the couple usually have little in the way of an asset base early on and, if the husband dies young leaving a young family, insurance might save the day. 

Navigation

[0] Message Index

[*] Previous page

Go to full version