Why do I keep bringing this up? It’s a fair question. It definitely isn’t a subject people enjoy discussing.
It isn’t that I love talking to people about life insurance. It’s quite the opposite. The reason I continue to bring up the subject of life insurance with clients and potential clients is that there is an overabundance of bad information about life insurance.
The problem: The sage advice of “Buy term and invest the difference” has been around for much longer than most know. Dave Ramsey did not invent it. But what is the best method and what actually happens are two completely different things. I can tell you with 100% certainty that whole life insurance is the only investment that some people make. Because if they keep their term insurance for 20 years and then outlive it, but never took the time to ‘invest the difference’, what are they left with? Nothing.
I don’t categorically recommend whole life for everyone. I have clients who have whole, term and a combination of both. It depends on who you are, what your financial strategies are and how disciplined you are. Not everyone is as disciplined as they should be.
The solution: Get to know your independent insurance agent and discuss life insurance with them. A personal relationship with a competent financial and insurance advisor is and always will be the key to financial success!