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In Reply to: whole life posted by joeseph on August 08, 2001 at 14:45:20:
: Why is whole life insurance so bad? I am 40 years old and have had a whole life insurance policy since I was 25 years old. I purchased the policy from the fee-only planner with whom I still work -- he works with my entire family. The coverage anmount has grown to $277,000 from the original $250,000, and last years cash value was $43,600 ( originally projected to be $32,000 ).
: ...
: I like my whole life policy -- I just borrowed $30,000 from my policy to buy a car. No credit check, no finance company -- and I pay myself back. My planner tells me also even if i borrow my money still earns interest! Why is this bad?
Frankly Joeseph, except for the PFS guys who don't like any
cash value insurance, I don't know who would be saying
Whole Life is "bad". Boring maybe, but not bad. ;)
Speaking of boring, you might be interested in my "Visible Policy" site.
It attempts to do a detailed analysis of my participating
Whole Life policy. It is only in its sixth year, so it has
not had the time to accumulate value which yours has had.
I have been "overfunding" mine, and the results are documented
at the site. Click the "Visible Policy" link below.
-- Rich
--- http://rocq.home.att.net