11/27/2023
Friends don’t let friends have whole life insurance.
I know the agent made it seem like the best product. They said things like:
Why pay for just life insurance when you can have a savings component ?
You can take out money tax free.
But did they tell you this?
Your money doesn’t really begin growing until after 5-10 years.
Any loan is tax free because you have to pay it back. So you’re taking a loan out on your own money and paying the company back interest..on your money!
If, when you pass away, there is cash value, your family only gets the death benefit, the cash value goes to the company. (I bet they didn’t tell you that one and how do you feel about that one?? I would be pi**ed!)
If you did take out a loan from the cash value and when you passed it wasn’t paid off, the death benefit it reduced by the outstanding loan amount .
Most whole life polices don’t even provide sufficient coverage because the agent just wanted a sale. If you have a policy of $50k..how long will your family be able
To continue financially when you pass?
If you have a whole life policy I would love to sit with you and show you everything I shared in your policy. Or you can call the company..not the agent, the company because they are on a recorded line and have to tell you the truth.