Whole life vs. 401k

[VanHook]

Also just another side note, don't look to hunting forums for you investment/insurance advise.

Nemont

Yes I totally agree. I wasn't looking for advice so much as just trying so get more info on whole life policies. I opened my Roth IRA when I was 14 and have been contributing to that and also my Roth 401k since I started working so I am good in that department. I feel like this woman is totally bonkers but I am always willing to at least learn more about stuff that I am unfamiliar with.

Thanks to you and the others who posted.

 

[VanHook]

I mean if someone on the street said to you "I'll give you $20 if you put $100 in your savings account, but the government will take $10 of it," (exaggerations) would you take them up on the offer or just give up free money because the government will get some? The face value is maybe higher than what you actually get, but it is still free money.

I totally agree. Like I said in my first post, it blew my mind that somebody would ever recommend to NOT take the employer match. Maybe there is some extremely unique situation where it might make sense but for the vast majority of people, that is incredibly bad advice.

 

[Ttannahill14]

I know this is an old post but I had a client today who put 100k in a variable universal life policy 5 years ago and it's lost 27k on it. I looked over the policy for him and he basically got screwed by his agent and his agent made a ton of commission.

I'm in insurance, and even ill tell you to be very careful with life insurance agents posing as financial advisors. Lot of commission minded crooks out there.

And always take the employee match over a whole life policy to answer the threads question.

 

[TimeOnTarget]

I know this is an old post but I had a client today who put 100k in a variable universal life policy 5 years ago and it's lost 27k on it. I looked over the policy for him and he basically got screwed by his agent and his agent made a ton of commission.

I'm in insurance, and even ill tell you to be very careful with life insurance agents posing as financial advisors. Lot of commission minded crooks out there.

And always take the employee match over a whole life policy to answer the threads question.

And top of the line Binos. Gotta invest in great glass.

Don't forget the important stuff Tanahill!

 

[RobG]

I know this is an old post but I had a client today who put 100k in a variable universal life policy 5 years ago and it's lost 27k on it. I looked over the policy for him and he basically got screwed by his agent and his agent made a ton of commission.

Criminal. Pretty hard to lose that much over the last 5 years unless he invested in the ISIS "Short America" fund.

 

[hunt1up]

https://www.daveramsey.com/elp

 

[TahoeWesternHunter]

I'm a former licensed financial adviser. I sold all types of insurance and retirement platforms. There's a reason the commission is so high... It almost always benefits the producer not the client. Everything else I can say has been said.