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North Central KS | Just recently learned about some new tax changes that made Variable Universal Life Insurance very appealing. It’s essentially a Roth IRA with a 10 yr waiting period to pull out your initial investment. Can still borrow against the amount during that time. What I liked about it, is that I am a young beginning farmer and would allow me to invest my $7k typically ear marked for my Roth and pick up life insurance during the process. My term life insurance policy will expire when I’m 54 and I’ll be out $36k over 30yrs and then have to renew at a much high cost, I doubt I’ll be able to self insure by then.
Anyone have any experience with this product, I’m pretty curious about others thoughts good and bad. Seems the way everyone is bailing out the farm to transition it to the next generation includes some form of whole life insurance and I’m wondering if this is how to do it. Steer me away if this is a terrible idea. TIA | |
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Variable Universal Life Insurance the new Roth IRA
