Suze Orman usually does not recommend Whole Life Insurance because she feels that Life Insurance is not needed in Retirement.
In reality, most retirees have a need for at least a basic amount Life Insurance, if not more. And Term Insurance will eventually become unaffordable because of age. So most people at least have a small need for Whole Life Insurance, or some other type of Permanent Life Insurance.
If you watch Suzie's show, she doesn't recommend buying whole-life insurance but if someone already has it she often recommends keeping it or using the cash value when they are in financial trouble. Often their whole-life policy bails them out of trouble.
Suzie is a big believer in term life insurance when you are young (just in case) and no life insurance when you get older.
Suzie is entertaining and you can learn some things watching her show. But no one should use generic advice from a TV show, Radio program or even a book as an end all solution for you. Everyone has different goals, needs and different levels of wealth.
Term life insurance is a specific product for a specific need.
Unlike various forms of permanent life insurance, term is designed to expire before you do.
Term life insurance may be perfect for needs with a defined time limit. You can use it to cover debts such as a mortgage that is to be paid off in a specified number of years such as 15 or 30 years.
Term life insurance could be used to satisfy a divorce decree where child support or even alimony (with a time limit) is required.
Some business obligations are also situations where a term life insurance policy might be a good idea.
But if you have a permanent need, such as for estate planning purposes (including estate liquidity), term life insurance may not be your best choice.
Suze Orman is not an agent, does not know you or your circumstances. She has no idea how much life insurance you should have any more than Jay Leno would. Suze Orman is not accountable by any means for poor advice she may offer regarding your insurance needs.
.JPG){kind=avatar}
In reality, most retirees have a need for at least a basic amount Life Insurance, if not more. And Term Insurance will eventually become unaffordable because of age. So most people at least have a small need for Whole Life Insurance, or some other type of Permanent Life Insurance.
Suzie is a big believer in term life insurance when you are young (just in case) and no life insurance when you get older.
Suzie is entertaining and you can learn some things watching her show. But no one should use generic advice from a TV show, Radio program or even a book as an end all solution for you. Everyone has different goals, needs and different levels of wealth.
Unlike various forms of permanent life insurance, term is designed to expire before you do.
Term life insurance may be perfect for needs with a defined time limit. You can use it to cover debts such as a mortgage that is to be paid off in a specified number of years such as 15 or 30 years.
Term life insurance could be used to satisfy a divorce decree where child support or even alimony (with a time limit) is required.
Some business obligations are also situations where a term life insurance policy might be a good idea.
But if you have a permanent need, such as for estate planning purposes (including estate liquidity), term life insurance may not be your best choice.
Suze Orman is not an agent, does not know you or your circumstances. She has no idea how much life insurance you should have any more than Jay Leno would. Suze Orman is not accountable by any means for poor advice she may offer regarding your insurance needs.