Ask a Fool: Don't Bet Your Life on Whole Life Insurance

In the video below, Motley Fool senior editor Dayana Yochim sits down with Robert Brokamp, senior advisor for The Motley Fool's Rule Your Retirement service, to take a question from a Fool reader, who writes, "Is it a good idea to invest in whole life insurance policy?"

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  • Report this Comment On July 30, 2013, at 6:43 AM, BuckCarew wrote:

    So in the long term what does Robert suggest investing my money in that will give me a guaranteed return over time? I have mutual funds that I bought into in the late 1990s that are still not worth what I put into them.

  • Report this Comment On August 15, 2013, at 1:03 AM, QualityTermLife wrote:

    There can be a place for Whole Life. With people who are well-off, it can be a convenient option to insure a business partner or loan, bequeath a charity, pay estate taxes, or leave a legacy to heirs. These folks already have all the other investments.

    But that is not most people. the typical profile of a term life insurance owner is someone who is a family breadwinner and has minimal savings. It is critical protection. If you are in this category and aren't insured, get insured now!

    Advantages of Term Life Insurance are: totally affordable, and ideal for younger families when the need for protection is greatest. Choose Term Life Insurance for covering specific needs that will disappear with time, such as: Income replacement, Financial security for dependents, Mortgage protection, College funding, Final/burial expenses

    To prepare you to speak with an agent and save money, get online quote life insurance quotes so that you can compare rates. There is one at at QualityTermLife where you can look at available rates from over 50 top insurance companies.

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