BumpNRun Posted January 25, 2008 Share Posted January 25, 2008 One of the advertisements on the Home page was for NYL......I have known them in some capacity for over 60 years myself....... It was just interesting to see.....thought Id share.... Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted January 26, 2008 Share Posted January 26, 2008 Whole life or term? Quote Link to comment Share on other sites More sharing options...
BumpNRun Posted January 26, 2008 Author Share Posted January 26, 2008 Whole life or term? Wholelife, as buliding a nice cash value inside the policy to use for a variety of different situations is very appealing. Term to protect my insurability now, with the peace of mind, that I can convert that term at any time to a permanent plan of some type in the future that also builds cash value. Pennies on the dollar, to leave a legacy, for the future.... Quote Link to comment Share on other sites More sharing options...
Double Agent Posted January 28, 2008 Share Posted January 28, 2008 Whole life is an absolute rip off. I'm in the business and I would never sell a whole life policy. Quote Link to comment Share on other sites More sharing options...
BumpNRun Posted January 28, 2008 Author Share Posted January 28, 2008 Whole life is an absolute rip off. I'm in the business and I would never sell a whole life policy. Please elaborate...... Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted January 28, 2008 Share Posted January 28, 2008 I bought a NYL term policy when my brother sold for them. Quote Link to comment Share on other sites More sharing options...
Double Agent Posted January 28, 2008 Share Posted January 28, 2008 Look at your rate of return. My guess is you're making 3-4% on the money in the accumulation account. The only permanent life policy I will sell is a VUL...and that's rare. VULs are great for children. Back in the day, whole life policies were about all you could get on the permanent side. Then came ULs and then came the VUL. Over an extended period of time, I've never seen a whole life policy perform half as well as a VUL...and usually the premiums are higher with the whole life product. I can't really give you concrete numbers without the specifics of your policy. But if you really look into your policy and see the rate of return, it's not good. It probably isn't even keeping up with inflation. A VUL can be beneficial because the accumulation account is in the market. You have a chance to make 10+ percent with your money. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.