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Iowa | Well time for the annual review. Life insurance agent keeps pushing to upgrade parts of our term policies to whole life. He does every year. I had always been taught that if you buy term till you’re retirement age you should be, debt free, have enough savings/retirement to live off of and put you in the ground. I know plans aren’t always what you make them to be, but when I look at the cost of going to whole like on 125k, it’s the almost as much as my 1/2 million term policy. Yes there is a benefit if you end up in the nursing home- but what is a 125k policy going to be worth in 2050? Maybe the equivalent of 20k today? He’s talking roughly $400/month for both the wife and I - if I put that in an ira it would be roughly 500k.
I’m 37, just thinking he’s trying to make us insurance poor - I have 2 term policies that would pay off the farmland debt and a hog building debt, which should leave wife about 250k extra and an income of 90k a year off the barn and farm rent. We have 4 kids, ages 15-4. | |
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Life insurance
