I am 84 yrs., in fair health and, I'm interested in a $30,000 whole life policy...
Total Comments: 1
Posted: Thu Oct 17, 2013 05:39 am Post Subject:
Wonderful. Contact a local agent and see what it will cost. I can tell you this, if you can find a company willing to issue it, it will most likely cost more than $30,000 over the next 15-20 years, and you probably won't even have $15,000 in cash value in that same time. You definitely won't have $30,000 in cash value until age 121 -- 36 or 37 years from now.
On the other hand, if you were to put $30,000 today into three new 20-year tax-free municipal bonds ($10,000 each) paying 5% (shouldn't be hard to find), you will get annual tax-free interest in the amount of $1500. Over 20 years, that will return $30,000 to you, and you still have the $30,000 bond principal to collect. You might even pay less than $30,000 for the bonds, which increases your yield to maturity.
If you die before then, you can will the bonds to a child or grandchild, or have them owned by a trust and have the trustee manage the bonds for your beneficiary.
Life insurance is not your only option, and you should explore all your options before you make a decision to purchase anything. Just don't fall for any get-rich-quick schemes.
Posted: Thu Oct 17, 2013 05:39 am Post Subject:
Wonderful. Contact a local agent and see what it will cost. I can tell you this, if you can find a company willing to issue it, it will most likely cost more than $30,000 over the next 15-20 years, and you probably won't even have $15,000 in cash value in that same time. You definitely won't have $30,000 in cash value until age 121 -- 36 or 37 years from now.
On the other hand, if you were to put $30,000 today into three new 20-year tax-free municipal bonds ($10,000 each) paying 5% (shouldn't be hard to find), you will get annual tax-free interest in the amount of $1500. Over 20 years, that will return $30,000 to you, and you still have the $30,000 bond principal to collect. You might even pay less than $30,000 for the bonds, which increases your yield to maturity.
If you die before then, you can will the bonds to a child or grandchild, or have them owned by a trust and have the trustee manage the bonds for your beneficiary.
Life insurance is not your only option, and you should explore all your options before you make a decision to purchase anything. Just don't fall for any get-rich-quick schemes.
Add your comment