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What Are Some Pros And Cons For Universal Life Insurance?

Term Life Insurance & Whole Life Insurance Discussion

What Are Some Pros And Cons For Universal Life Insurance?

Postby Niallan » Tue Oct 10, 2017 8:53 pm

these policies only make sense if you are a high earner in a high tax bracket, with plenty of extra cash to save after maxing out all available retirement options such as 401Ks and IRAs.
And you have to max out the allowable life insurance contribution each year, to a level just short of making it a 'modified endowment contract' (MEC), and much more than what is required just to keep the policy in force.
Then you have to be able to do this for at least 20 years, before you will see a nice benefit to you.
Only then do these life policies make good financial sense.
In short, you have to be rolling in extra dough for these to pay off for you.
Got it?
Niallan
 
Posts: 58
Joined: Tue Jan 28, 2014 9:31 pm

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