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Is a whole life insurance policy through Knights of Columbus a wise financial investment?

I'm considering this life insurance. Is it a sound financial move?

asked by GreenMonster (24)

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Tags:  finance  insurance  opinion

answers

Whole life insurance is rarely a good investment for anyone. It is life insurance, not an investment. Get life insurance, then get an IRA or 401K for your investments.

6 votes

Any decision about a cash-value life policy needs to be weighed in respect to your overall investment portfolio, age, and tax bracket. For example, one may want to consider fully-funding a 401(k) or Roth IRA before using post-tax dollars to pay for a whole life policy.

3 votes

It sure is. Just be aware of the high apr that they apply. Sometimes insurance policies offer yyou free months in advance but you end up payin for them at the end of your cycle. Also make sure that your charge on or after the invioce dates. That another way to swindle you.

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posted by xomoney (104)
3 votes

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