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In Reply to: Re: Ripped off posted by John on August 21, 2001 at 02:41:31:
I sort of agree. I, too, started off a long time ago with John Hancock. We sold whole life because of commissions as a retirement/death benefit policy. The accelerated paid ups didn't pay as much. I left and movedon. Many years later, I hooked up with AL Williams. Term and invest the difference. It was a crusade...against the draining, poor savings of a whole life policy. We normally had a field day. The whole key with this approach is to determine a monthly amount for insurance and savings. Buy as much term as you need for the right amount of time. If you're talking over 5 years, really investigate the various plans as to the increasing monthly premiums. They can get high. BUT...and this is the key. Your investments must grow at the rate your term insurance reduces. The crux of the whole thing is that you SAVE, consistently, so that your own savings grow and actually insure you. You are right, the savings would be an estate issue. But, if you're like most americans, it won't affect most. If the planning was done right, and estate taxes were forseen, then maybe some strategy to use Annuities might be appropriate. At least that's how I remember it. I am not with any A.l. Williams or Primeamerica. In fact I am just waiting to take a license exam to represent AIL. I have been out of this insurance since 1982 so maybe things have changed in the term/invest industry. Take my comments with a grain of salt they could be far outdated by Universal Life and Variable Life products.