Favorite Whole Life Insurance Policies

[ZenSamurai]

What would you consider to be the most affordable whole life policy for a 21 year old who's overweight. MetLife? Mass Mutual? Guardian? Transamerica?

 

[Larry Tew]

I don't mean to be discouraging, but your question is like asking "how wet is water?".

How much overweight? How much face amount? Budget? Want mostly death benefit or high cash value? Want to pay premiums forever or get them all paid and over with? What do the companies you're already appointed with say?

That's just for starters.

 

[ZenSamurai]

I don't mean to be discouraging, but your question is like asking "how wet is water?".

How much overweight? How much face amount? Budget? Want mostly death benefit or high cash value? Want to pay premiums forever or get them all paid and over with? What do the companies you're already appointed with say?

That's just for starters.

only for the death benefit
I believe he is 5'6 230 lbs
Budget is 100.00
Pay forever since that is normally a cheaper option than a 10 or 20 pay.

 

[Norwayguy]

only for the death benefit
I believe he is 5'6 230 lbs
Budget is 100.00
Pay forever since that is normally a cheaper option than a 10 or 20 pay.

Lifetime does have a lower premium but I would not say it is a cheaper option to own.

 

[TheCaspian]

Have you considered a VUL? 100 bucks a month seems like most of the cash value will get eaten up by COI on any respectable face

 

[ZenSamurai]

Have you considered a VUL? 100 bucks a month seems like most of the cash value will get eaten up by COI on any respectable face

I'm not a fan of UL products. The cash value gets eaten up and from the policies I've seen they fall apart. They are unstable.

 

[VolAgent]

I'm not a fan of UL products. The cash value gets eaten up and from the policies I've seen they fall apart. They are unstable.

Then you aren't putting enough in relative to the face amount.

Although, a guy with only $100 a month probably isn't a good candidate for a VUL. He is probably too attached to that $100 to stomach a bad month or watch the charges eat up most of the $100 each month for the first year.

 

[ZenSamurai]

Then you aren't putting enough in relative to the face amount.

Although, a guy with only $100 a month probably isn't a good candidate for a VUL. He is probably too attached to that $100 to stomach a bad month or watch the charges eat up most of the $100 each month for the first year.

My understanding is UL products are best for middle aged people. All the UL policies had an unstable cash value account. It increases but then depletes eventually.

 

[VolAgent]

My understanding is UL products are best for middle aged people. All the UL policies had an unstable cash value account. It increases but then depletes eventually.

Your understanding is limited. If properly constructed the cash value will continue to grow. Obviously loans can change things, but that can be taken into account.

 

[WinoBlues]

My understanding is UL products are best for middle aged people. All the UL policies had an unstable cash value account. It increases but then depletes eventually.

Then you need to study them a bit more before saying "The cash value gets eaten up and from the policies I've seen they fall apart. They are unstable." IMHO