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Reply to Life Insurance Vs. Savings Plan?     
Old 12-09-2016, 08:40 AM   #1
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Life Insurance Vs. Savings Plan? Life Insurance Vs. Savings Plan?
Hi Friends,

Ok, go easy on me as I am newly licensed and trying to educate myself on Different types of insurance and top selling points.

A friend of mine said "a whole life policy" is better than a savings account??? Since i was studying MA, lately, his statement threw me for a loop.?

I tried doing some research on google but come up with Dave Ramsey (who i don't trust) and various other sites like bankrate.com, etc.

I thought i would asks the pros for a general synopsis of how a whole life policy is better than a savings plan.

I know you have to make payments to maintain your whole life policy, so, if you miss a payment, i'm pretty sure the plan is cancelled (after a period of time).
  • Can someone share with me, the basic bullet points on why a whole life policy is better than a savings plan?

Anyway, i sure appreciate it and
Thanks for your input!
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Old 12-09-2016, 09:48 AM   #2
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TampaHound on Life Insurance Vs. Savings Plan?
 
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
I guess on how your defining "savings plan". I could make an argument that life insurance should be part of everyone's plan for the future.

I could even see an argument for using a whole life policy instead of a traditional bank savings acct. However there are much better options than that.

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Old 12-09-2016, 10:41 AM   #3
DHK
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DHK on Life Insurance Vs. Savings Plan?
 
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
This is generally what you need:

You Tube

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Old 12-09-2016, 10:49 AM   #4
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Todd King on Life Insurance Vs. Savings Plan?
 
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
I think what your friend is really trying to say is if someone uses a savings account and they die earlier than expected, they won't have enough in that savings account to cover everything. In other words, if they save $50 per month it will be quite some time before they would save the same face amount that $50 per month in an insurance policy would get them.

You really can't compare them because they should be used in different ways, for different reasons. A client should really have both.

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Todd R. King
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Old 12-09-2016, 10:54 AM   #5
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VolAgent on Life Insurance Vs. Savings Plan?
 
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
Life insurance is better and worse than a savings plan. It just all depends on what aspect you are comparing and what matters to you.

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You can pay the premium or you can own the loss.
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Old 12-09-2016, 11:25 AM   #6
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
Different means for different purposes.
I know DHK has some good posts about it on the forums.

BNTRS also has a blog (I believe its a blog) that also has some good information on the working/concepts of what youre looking for. His blog has helped me greatly when I first started out. Podcasts are pretty informative as well and something good to listen/have in the background if the situation permits.

The Insurance Pro Blog

Then again the video DHK posted may answer majority of your questions already.
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Old 12-11-2016, 12:15 PM   #7
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State: Mike Siegal is an Insurance Agent from Undisclosed Location
Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan? Mike Siegal is the thread starter for: Life Insurance Vs. Savings Plan?

Ok...thanks everyone for your input!
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Old 12-11-2016, 09:00 PM   #8
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Cornelius on Life Insurance Vs. Savings Plan?
 
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
Do a you tube search on being your own bank.
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Old 12-12-2016, 06:59 AM   #9
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
It is better... but its not either/or...you need both. Saving much of your money only in a savings account is not a great idea. Having an adequate amount in a savings account (emergency fund) is a good idea, but beyond that you should be saving in other vehicles. Life insurance would be (and is) my first choice.
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Old 12-12-2016, 01:04 PM   #10
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Life Insurance Vs. Savings Plan? Re: Life Insurance Vs. Savings Plan?
Life insurance, savings plan

Depends on what life circumstances allow the saver/policy holder to retain.
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