Quote:
Originally posted by MysticLlama
After doing some research, I can see how it'd be a really bad thing. The fees are way higher than normal life insurance, the return isn't always so great, etc. But... it gives me a window by getting into it at a lesser rate now, being 28, and while it wouldn't be a good investment for me in the short term, if I kept it for 10+ years, after that point I already have it in place, can use it to put in money and keep it tax deferred, and have the fee schedule locked in from being young.
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Do a little math. Look at what you can buy term life insurance for and compare what you're paying when buying universal life.
Additionally, ask yourself
why you need life insurance -- most people need life insurance to take care of their children. As you grow older and build wealth -- and after your off-spring grow up -- the need for life insurance simply disappears.
The selling point of being "locked in" at a low rate because you are young is the BS. Buy a 10 or 20-year term life insurance policy when you need it and do your savings/investing without the middleman taking his huge cut.