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| married05 |
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Senior Member
Joined: Mar 26 2006
Posts: 107
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 Posted: Thu, Jul 26 2012, 10:58 am Post subject: Full life insurance |
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| anyone out there have full life insurance from ny life? Do u use it as a savings for future big expenses- weddings etc? have u ever taken a loan from it? How does it work?
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| Tova |
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Diamond Member
Joined: Dec 28 2005
Posts: 4653
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| Posted: Thu, Jul 26 2012, 11:08 am Post subject: re: Full life insurance |
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| Full life is not really recommended for the average person. Get term life to cover yourself for X period and find another investment vehicle to save for the future. Can explain more later.
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| amother |
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Amother
Joined: Aug 08 2004
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| Posted: Thu, Jul 26 2012, 11:32 am Post subject: re: Full life insurance |
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We have three such plans, for the dual purposes of life insurance and savings for big things like buying a house and marrying children.
We also have a term plan just for insurance purposes.
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| amother |
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Amother
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| Posted: Thu, Jul 26 2012, 6:48 pm Post subject: re: Full life insurance |
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Dont mix life insurance with investments. That was the advice I was given 12 years and did not listen.
I put in 25K And now its worth less then 14K (Term life insurance would have costed under 4K for the 12 years for that amount
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| amother |
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Amother
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| Posted: Thu, Jul 26 2012, 7:44 pm Post subject: Re: re: Full life insurance |
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| amother wrote: | Dont mix life insurance with investments. That was the advice I was given 12 years and did not listen.
I put in 25K And now its worth less then 14K (Term life insurance would have costed under 4K for the 12 years for that amount |
I'm the amother who posted above about having three plans.
We don't have them for investment purposes, we have them as sort of a forced savings. We weren't putting away enough money on our own, so this way the insurance company takes out a set amount from our bank account each month and then the money just sits in the life insurance account. How can a life insurance policy depreciate like that?
I will also add that the plans are not all from the same insurance providers, just in case something happens to one company we will still have some money by another company.
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