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

Answer by  drillsergeant (8)

I like it, you can borrow a significant ammount of the cash value from the bank of you. Intrest paid adds to the value of the policy. You own it. I saw it as a safety net and the rates are very competitive. Don't see how you could go wrong.

Answer by  Rubberchicken (819)

Whole life is generally not a great investment unless you have maxed out your 401(k) or IRA, especially if you are under 40. Look at term life insurance rates.

Answer by  tamarawilhite (17883)

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.

Answer by  Rubberchicken (819)

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.

Answer by  xomoney (104)

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.