My roommate started a job and says that I should buy whole life. He is an agent for New York Life which is a very big and reputable company.
his pros to me are:
force savings
a stable increase of 8+/- percent each year
tax deferred when you pull the money out
stocks, iras, and 401k are bad because you get taxed when you pull them out
stocks, iras, and 401k are bad because they follow the market
my cons for whole life are:
up to 12 years or more, most of my money will go to commission
penalties for early withdrawal leaving me with nothing
more expensive than term
So what makes whole life insurance good? What kind of person buys this besides the ones who are duped????
thanks,
his pros to me are:
force savings
a stable increase of 8+/- percent each year
tax deferred when you pull the money out
stocks, iras, and 401k are bad because you get taxed when you pull them out
stocks, iras, and 401k are bad because they follow the market
my cons for whole life are:
up to 12 years or more, most of my money will go to commission
penalties for early withdrawal leaving me with nothing
more expensive than term
So what makes whole life insurance good? What kind of person buys this besides the ones who are duped????
thanks,