I have brought the number of companies out there to a list of 4 and after doing even more research I found another one, making it 5, it's an association and I would be going with them. I'm happy even thou they are not a very large very known mutual company.
Originally Posted By: Bandito440
This is what I try to tell my many co-workers that purchased and continue to pay into a whole life plan. It's mediocre insurance and a terrible investment, but I can't convince anyone otherwise.
Yes whole life is a terrible investment.
The problem is that for those that do get it, get it because they know premiums go up after the years but they are the ones that should read that book: Book "What's Wrong With Your Life Insurance" updated in 1989 from 1963 by Norman Dacey that mention how he denounces the insurance industry as a whole for misusing policyholders' money. Huge surpluses from lapsed policies, investments and favorable mortality experience, argues the author, finance exorbitant executive salaries and agent compensation.
Now to the point I want to make about Whole Life without reading that book yet. Share with your friends/coworkers this from me:
Whole Life is for $100,000. As a 35 year old male (they're going to have to change age and monthly cost here) for me with the company I will be going with for Term but say I do go for Whole. It's going to cost me: 92.70/month for 20 years = $22,248.
Now if I bought it out right in 3 years: $414.60 monthly.
Saving me 7,322.4. Mine will also mature faster and not be a terrible investment. The reason why they are terrible investments are because the first year (and possibly up to 3) you're paying half the amount for commission to someone that did 3 minutes of work and you could have done it yourself in 15 minutes. People are lazy even with Google's almost instant results and yesteryear spending days at the library. Google is really just a Library Card Catalog.
Whole Life is the same as buying a 30 year Treasury Bond directly from Uncle Sam but without a commission.