Why Not Buy Whole Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaParticipating whole life insurance is suitable for conservative minded people who like contractual guarantees throughout their lifetime. But guaranteed universal life can generally cover you for less money with premium guarantees, even less expensive if you only need term life insurance. Indemnification products are priced for coverage more than they are for rates of return.Answered on August 17, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaYou should buy whole life to cover those expenses which you anticipate you will owe or want to disburse regardless of when you die. The whole life policy lets you budget a premium that will not increase until the day of death. Nothing is left to chance as the company guarantees the adequacy of the premium, the amount of the death claim, and the length of time that the coverage will last.Answered on August 27, 2014flag this answer
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateWhy not buy whole life insurance? Well, you know you're right, why not? It is the only policy you actually control, they can't take it away or price you out of it. They can't make changes without your permission, they can't really do anything because you control the policy. That is why whole life is more expensive than other types of coverage. The insurance company is giving up control to the insured, so would they price that low or high? There are a ton of other reasons as well, but I want to keep this brief.Answered on October 9, 2015+01+1 this answer
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