Buy a cheap term insurance policy if you don't have a lot of money or
if you are doing well consider a whole life policy that builds cash value.
That's good advice!
That's TERRIBLE advice! Do the math! If you buy term, and put the rest of the money you'd have spend on whole life in your MATTRESS, you get a better return on your investment!
Whole life is the worst rip-off in the financial world!
Why do you say that whole life is the worst rip off in the financial world? If you put your money in your matress and your house burns down, then what? Just asking, not trying to start another bashing type forum or pissing contest like there has been a lot of lately.
I personally think that the worst ripoffs in the financial world are the pyramid schemes or the ones run by fellows such as Bernie Madoff.....
Whole life is an attempt to be both an investment vehicle AND insurance. When you consider $$/thousand for life insurance, term life is simply an incredible value. If you take the difference between term life and whole life for the same size policy and invest it yourself (pick a simple index fund that tracks the nasdaq or S&P 500) you will be way ahead of the game.
"Worst ripoff" is a little strong but whole life is a very bad value as insurance and a ridiculously bad value as an investment.
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