Wow Mark, totally impressed with this video. I am working full time in my otherwise retirement, defined benefit etc. I’m keeping a watch here; maybe will reach out.
Short answer is - I don't love it. I did a video on Life insurance a few weeks ago that touches on this. If someone already has a whole life policy, it may make sense to hold onto it and use it as a backstop asset for income later in retirement. But, I've not recommended new whole life insurance to soon-to-be retirees for retirement income because there are often more efficient, more liquid, and less costly ways to use those funds.
All insurance is for suckers. Unless insurance is mandatory never take out insurance. In the long-run the house always wins and you lose. I drove all my sports cars with no insurance until it became mandatory. Pay cash for home to avoid mortgage insurance and if you can cover millions of dollars worth of losses never take out home insurance.
Wow Mark, totally impressed with this video. I am working full time in my otherwise retirement, defined benefit etc. I’m keeping a watch here; maybe will reach out.
Thanks Chuck!
Please comment on Whole Insurance as a retirement/tax vehicle
Short answer is - I don't love it. I did a video on Life insurance a few weeks ago that touches on this. If someone already has a whole life policy, it may make sense to hold onto it and use it as a backstop asset for income later in retirement. But, I've not recommended new whole life insurance to soon-to-be retirees for retirement income because there are often more efficient, more liquid, and less costly ways to use those funds.
All insurance is for suckers. Unless insurance is mandatory never take out insurance. In the long-run the house always wins and you lose. I drove all my sports cars with no insurance until it became mandatory. Pay cash for home to avoid mortgage insurance and if you can cover millions of dollars worth of losses never take out home insurance.