variable annuities or mutual funds
What are some reasons why someone would need permanent life insurance?
I dealt with over 150 clients in my career and haven’t found a single reason why someone would need permanent life insurance. All my clients have term insurance b/c I don’t see why anyone would need life insurance forever. I believe someone needs life insurance at the time when they need it most, which is when they have little savings and lots of debt to pay (such as a mortgage). While I protect the client’s income with term life insurance, I also help them save money for retirement by opening IRAs and/or variable annuities or tax-exempt mutual funds. For kid’s education, I use either a 529 Plan, Coverdell, or UGMA. For estate planning, I setup trust funds.
Personally, I think whole life insurance is a gimmick…
