01 Aug '12, 3am

Actuaries don’t buy whole life insurance and ILPs

He basically told me that if I am a financially sound person, I am throwing my money away on life insurance unless I meet a few strict criteria (young, a relatively low net worth, and young children). This kind of blew me away considering he’s in the life insurance business, but when he broke it down for me, it made a lot of sense. Note that the advice that follows is based on a conversation between friends and shouldn’t be viewed as professional advice and you shouldn’t just follow it blindly without doing your own research, but it is quite interesting and worth sharing. unless you are a financial train wreck, you should never buy anything but term life insurance if you have no dependents and no spouse, don’t buy life insurance the more net worth you have, the less insurance you need think about your family’s needs carefully when your policy expires, don’t renew it immedi...

Full article: http://www.investmentmoats.com/budgeting/insurance/actuar...

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