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Buying Whole Life Insurance by Mistake

    • If you made the purchase within the last 60-90 days, you may have a “free look” period, in which you can get 100% of your money back. The only exception would be a variable policy (as opposed to whole life) where you would potentially be subject to the investment experience.

      As painful as it may be, pull out the policy that you received. (If you haven’t received it, then the free look period hasn’t even started even if you have paid in full.) The free look period will be stated on the first page.

      Your agent may not be helpful, since he/she will be charged back the commission earned on your policy. Call the HOME OFFICE (again, customer service number should be on the policy) with your concern. They might even help you if it is past the free look period.

    • You should keep it since you do not know when you’ll need it.
      If need be, increase the coverage as well. The best time to purchase a Life insurance policy is none other than when you were young and premiums are cheaper. While you spend your golden years to earn your income,let your life insurance policy protect your risk as well.

      It is such a pity and a shame that the current generation are all clouded with investments when many fail to see that the best investment is none other than yourself. The previous generation, our parents, had to slog their guts out just to put eggs and bacon on the table. Yet the current generation need only to open their mouths to speak, only to grumble and complain that the eggs and bacon does not taste nice. Such a shame to the advancement of mankind.

      Hope that you will have the wisdom to foresee what’s coming, that one day we will all age and not know the certainties in life, but the conditions of a life insurance policy is certain today, tomorrow and all the days.

    • Unless you were put into an insurance company with a poor financial history you should keep the policy. A good company will provide a bit more diversification to your overall investment portfolio.

      My Northwestern mutual policy pays me more in dividends every year than I pay into it. The policy is 12 years old and the cash value is significantly more than what I have paid in. The money is available to me whenever I want it or I can let it continue to grow, plus I still have an insurance policy for my wife to receive if something happens to me.

      You have the benefit of being young so you will get the most growth from compounding.

    • buy 20-30 year level term, and invest the difference in a dividend-paying Vanguard fund. The cost of ANY whole life policy is opaque with hidden-fees and commisions that enrich the agent and company, to your detriment.

    • As a certified financial planner, I grow tired of the negative comments from persons who are, frankly, unfamiliar with the attributes and merits of a quality whole life insurance product from a top-rated mutual life insurance company, such as MassMutual or Northwestern Mutual. These company’s products over the long-haul will generate internal rates of return on policy cash values in the 5% range. Moreover, under current tax law, all of this growth is tax-deferred, and, provided monies are withdrawn either/or by loans or surrrenders, withdrawals can be totally tax-free. No other financial product offers the myraid of advantages that are provided by policies from companies of this quality.

    • “Gioh”So your solution to havnig “little freedom to choose other options” is to to mandate even fewer options? I’m sure all those third world workers love it when American companies close down their factories. There’s a remarkable difference between saying the existence of American factories overseas is necessarily exploitive and that American companies exploit others overseas. The first is definitely not true. I would argue the second is true. There’s also a difference between calling a spade a spade and trying to regulate the hell out of everybody.Jet Beagle, 1,2, and 3 are true as long as you recognize that those are not always solvable problems for workers (although far more solvable than most liberals would admit). As such, the implicit value system is that an individual who cannot carry his weight in society has no right to exist. There have certainly been societies that have adhered to those principles, although I am not aware of any that have survived to date. Perhaps they were not competitive?”Absent government interference, my guess is that a worker’s period of unemployment would be extremely brief.” Are you talking about a world without government? Can you imagine one? Before civilization, such things existed. Or perhaps some time like the early great depression where effective unemployment before the New Deal was in fact still high and unemployment not always brief? Are you talking about 3rd world countries where periods of unemployment are blessedly cut short by simple starvation? I’m just trying to get a gauge here on your paradigm.

    • just look at your response…it contains the same kind of vagaries, half-truths and assumptions of a typical whole-life insurance hypothetical. As a CFP you should be ashamed of your bias, and quite frankly you are an embarrassment to the CFP title.

    • Gaaaah, how did I ever make such a costly mistake? I’m so depressed about this, I could kill myself…
      (Yeah, I know. “Don’t quit my day job”)

    • Surrender it. Buy Term for the insurance (if you’re lucky you might be able to find a company that has a return of premium rider) will cost you a fraction of the whole and you will get 2-5x the coverage, and Invest the Difference in Mutual Funds for the long term (Roth IRA grows tax free not tax deferred). There quite frankly is no other way to go. Whole life insurance is a trash policy that earns only the insurance company money.

    • You may be missing the point! Most whole life policies lock your rates onto your young age. Term life insurance runs out at the end of the term, and renewing it usually means a much higher rate or another physical checkup. Try to visualize the financial needs you would leave your family when you die. Many of todays whole life policies earn income as well as providing non-cancellable coverage.

    • Wow, a CFP that actually admits that a buying whole life policy is a bad idea for the young customer, and a great deal for the agent and insurer.
      Simply put, whole life premiums are too high for all but the highest-income earners to afford a reasonable amount of death benefit (at least $1M, maybe more if that big paycheck is funding some equally big assets) for a young family.
      Most of the whole life policies sold to young people leave their families woefully under-insured, and the agents that sell them ought to be ashamed of themselves for collecting a big commission for inadequate coverage.

    • You made a sound investment decision. Whole life means that the premium will not change. Next step is to get a will . You will have proven that you are smarter and more thoughtful than the majority of your peers. Make a decision and stick with it.

    • Do you recommend structuring a whole life policy for income.. One lump sum payment..structured for this not for a death benefit. .. Thoughts??

    • hey please visit my site http://wsj.com

    • i have three posted certified accounts prepaid preferred stock 101 million united sttates dollars in the the three accounts all togetther and ni march its going to be four years i need my travel money card cash card atm and six digit pin number for these accounts i need these mailed to 1024 Princeton Street Delano Ca. zip code 93215 laranacho@yahoo.com my phone is 3311494101my pre paid phonei also want to transfer money internationally to scotstiabank so i need the wizard of oz to help me an expert i talked to bank of ireland they said talk to your stock bróker and to the accounts holding branch they didnt send there emails and names on the poeple tp contact please help me

    • On my financial adviser’s suggestion, I bought whole life insurance as an investment, but being single, young and healthy.

    • I purchased whole life policies for my children when they were born. They are both adults now with one of them out of school and independent. I transferred ownership of her policy to her. The policies pay a dividend that will almost cover the premium. Over the 25 year life of the policy I allowed the dividend to be used to buy paid up additons. Frankly I didn’t pay much attention or give it much thought until I decided to transfer the ownership of it. The paid up additions effectively doubled the death benefit of the policy but the amount of coverage was more than she needed. I requested that the dividends be used to pay the premium and that the balance due be billed. What I found out was the company was loath to give up the dividend. They did everything they could to steer me away from the ongoing automatic purchase of insurance. This included misinterpreting my instructions and continuing to buy paid up additions while cashing in paid up additons bought earlier to pay the premium. That went on for almost a year and I didn’t discover the situation until the statement came on the aniversary date. The company is a top tier insurance company. On the plus side, I was able to give my daughter a valuable lesson on the subject of life insurance and paying attention to the statements and what all those clauses tacked onto policies really mean.

    • One other thing, beware of financial advisors, estate planners, etc that steer you towards a particular agency. They often have a reciprocal relationship and you may not be getting entirely objective advice.

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    • Uh, you didn’t buy it by “mistake.” You just didn’t research and think about it before you bought it, bozo.

    • Intelekt o tym, kiedy wykorzystywany jest okres pracy za posrednictwem naszych pracowników jest daleko wieksza. W ów modus mozemy wysoko lepiej sprawowac kontrole skutecznosc wykonywanej pracy, alisci równiez owo w który procedura artykul porusza sie po magazynie. Do sprawdzania takich informacji sluzy oraz program magazynowy. W kazdej firmie nieodzowny jest takze aplikacja az do faktur. Tego rodzaju oprogramowanie przypadkiem egzystowac takze darmowy, podczas gdy a platny. Determinowac sie mozemy na programy, które mozemy kupowac w calosci wzglednie nabyc jego licencje. Mozemy takze kwalifikowac sie na pogram az do faktur z jakiego bedziemy korzystali tylko w sieci. Wybór odpowiedniego programu do faktur zalezny jest przede wszystkim od czasu wielkosci naszej firmy tudziez od czasu wielkosci rozliczen jakie musza egzystowac wykonane. Nie mozemy oraz zapominac o tym, azeby stosowac nowoczesne metody uprawianie róznych projektów. O ile chcemy algorytm dokonac efektywnie powinnismy determinowac sie na kierowanie projektami. W ów sposób mozemy dysponowac pewnosc, iz utwór w naszej firmie bedzie wykonana na wysokim poziomie. Na domiar tego administracja projektami pozwala na modelowanie skutecznych i efektywnych zespolów, co pozwala na uprawianie poszczególnych zadan w firmach wielce z wiekszym natezeniem skutecznie tudziez wydajnie. Mozliwe jest i lepsze eksploatacja czasy pracy pracowników, i równiez posiadanego sprzetu. W ten podejscie mozliwe jest kontrolowanie kosztów, co jest w stanie przetlumaczyc sie na w znacznym stopniu wieksze zyski uzyskiwane z projektów. Az do kontrolowania czasu pracy pracowników wykorzystywane sa architektura crm. Eksploatacja takich programów pozwala na wskazywanie z wykorzystaniem pracowników rodzaju czynnosci jakie sa za sprawa nich w danej chwili wykonywane. Prócz tego od poczatku do konca znamy okresy przerw pracowników, azali tez okresy w jakich pracobiorca przychodzi, azaliz wychodzi sposród pracy. Takie systemy pomagaja dodatkowo w firmach w jakich wydawany jest towar, azaliz konieczne jest zapisywanie kontaktu sposród klientami, badz przyjetych zamówien.

    • Wiedza o tym, gdy wykorzystywany jest okres pracy z wykorzystaniem naszych pracowników jest o wiele wieksza. W ów metoda mozemy w duzej mierze lepiej monitorowac efektywnosc wykonywanej pracy, przeciez takze owo w jaki postepowanie artykul porusza sie po magazynie. Az do sprawdzania takich informacji sluzy i program magazynowy. W kazdej firmie wymagany jest plus oprogramowanie az do faktur. Tego rodzaju program byc moze istniec zarówno darmowy, gdy tudziez platny. Przesadzac sie mozemy na programy, które mozemy nabywac w calosci badz nabyc jego licencje. Mozemy takze decydowac sie na pogram do faktur sposród jakiego bedziemy korzystali zaledwie w sieci. Opcja odpowiedniego programu do faktur podlegly jest przede wszystkim od momentu wielkosci naszej firmy zas odkad wielkosci rozliczen jakie musza egzystowac wykonane. Nie mozemy i zapominac o tym, zeby aplikowac nowoczesne metody uprawianie róznych projektów. Jesliby chcemy projekt doprowadzic do realizacji skutecznie powinnismy predestynowac sie na zarzadzanie projektami. W ten modus mozemy dysponowac pewnosc, ze dzielo w naszej firmie bedzie wykonana na wysokim poziomie. Nadto administracja projektami pozwala na formowanie skutecznych i efektywnych zespolów, co pozwala na uprawianie poszczególnych zadan w firmach wielce bardziej efektywnie natomiast wydajnie. Mozliwe jest dodatkowo lepsze wykorzystanie czasy pracy pracowników, zas plus posiadanego sprzetu. W ten strategia mozliwe jest kontrolowanie kosztów, co jest w stanie przelozyc sie na w duzym stopniu wieksze zyski uzyskiwane z projektów. Az do kontrolowania czasu pracy pracowników wykorzystywane sa architektura crm. Wykorzystanie takich programów pozwala na wskazywanie za pomoca pracowników rodzaju czynnosci jakie sa przez nich w danej chwili wykonywane. Na dodatek dokladnie znamy okresy przerw pracowników, czy takze okresy w jakich pracobiorca przychodzi, azaliz wychodzi z pracy. Takie systemy pomagaja i w firmach w jakich wydawany jest towar, azaliz konieczne jest zapisywanie kontaktu z klientami, badz przyjetych zamówien.


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