why whole life insurance is a bad investment

why whole life insurance is a bad investment

Typically, a whole life policy’s cash value increases by a guaranteed minimum per year and by a larger, “expected” amount that varies each year with changes in the financial markets. With that being said, life insurance should not be used as an investment because it was not meant to be used as an investment, You CAN use it as a Savings account for the LOOOONG term 30+ years if overfunded then rolled over to an annuity however by no means should it be your retirement account. ), but that’s not the case for the vast majority of the population. Borrowing the money is tax free and you can borrow up to 90% of what is in the account. For me, it was the latter. A while back I wrote about the mistakes I initially made when purchasing life insurance policies for myself and my wife, and one of the things I mentioned was that at the very least I was relieved we had avoided buying whole life insurance. My wife and I were pitched this idea earlier today and I thought it sounded great until she made me read this article. My father-n-law use to sell life insurance in the 1960s and only believed in term and that is all that he has ever had. Did we still make a mistake by buying whole life? Andy Rachleff is Wealthfront's co-founder and Chief Executive Officer. Good idea or not? Because remember that in order for your whole life insurance to last as long as you live, you need to be able to continue paying the premiums no matter what. 2. It’s as if you have never studied anything relating to this topic ever. As for your question, I don’t believe I’ve ever reviewed a USAA whole life policy so I can’t comment on then specifically. Also, Paradigm Life has several very good models to show how WL policies can out pace “buy term and invest the difference” products long term. It’s not that it can’t work, it’s that there are plenty of examples of it underperforming, having a catch that wasn’t made clear up front, and other instances where it just doesn’t work the way it was sold to work. If you have not yet received the life insurance proceeds then you should be contacting the company to understand why. One of our “advisors” (fiduciary? A lot of financial professionals can make money through a transaction like that and you’d likely be giving up guaranteed income for the rest of your life. Let me know what you think. I’ve just retired. You can lose in both arenas if you’re inexperienced or sold by inexperienced individuals. I would personally prefer to insure against these unlikely scenarios with regular savings and investments because I think it’s less costly and also gives you more options for what to do with the money. That is, when the cash value will have built to a point where you no longer have to pay premiums. Completely agree. Term life insurance can be an important piece of your financial puzzle, however, if you have people who rely on you for financial support. The cash value helps financial advisors and insurance agents position whole life insurance as a type of investment product. They also feature a cash account that grows in value over time. I am nearing 50 years old. I pay $50.00 a month for that. Assets that can be easily bought or sold are known as liquid assets.”. I have very little knowledge about the whole life insurance plan but wouldn’t it be easier for them to just get it and be insured with that guaranteed value if they are not the type to find where to invest and all that? And, of course, you are allowed to put your money into other, less conservative investments outside of a life insurance policy, some of which may even have special tax advantages (401(k), IRA, HSA, 529, etc.). Do you have clients that have had an overfunded life policy when markets are tanking and can use that cash to float their business and still earn money while their money is loaned out? Of course not. The same applies to the market if you dont know how to analyze and invest. After reading your blog about the whole life insurance, I am wondering if investing my 100K in this hybrid/whole life insurance is a good investment strategy. He buys and overfunds a $250,000 whole life, and supplements with $1,000,000 term. I am not aware of term insurance policies for people much past the age of 70 for $200,000 or more. I didn’t want to spam your comments, but email me if you’re interested in a term vs. whole life calculator I recently published. Classic sales pitch. But my understanding is that a term policy would be very difficult if not impossible to find and there are some special kind of whole life policies you may be able to get. You sort of have to dig for the truth. This is a very helpful example of why WL insurance IS a good investment: http://www.mypersonalfinancejourney.com/2013/04/infinite-banking-concept-whole-life-insurance.html. Hi Matt, I have a question for you. Better Use For Their Money. But to do what I ask requires real thought, not someone shooting from the hip. Good question Ozzie! That is not who I’m writing for here. And you go even further than that here with simply wanting to invest the money you’ve already put in differently, and I couldn’t agree with you more. Second, they actually ask whether it would have been better to buy term and invest the difference, and the proceed to say it’s not worth evaluating. Take Northwestern Mutual, an almost 300 billion dollar general portfolio that you participate in as a policy owner. Debbie. I just received the policies this week. You should meet with a few advisors and get one you’re on the same page with. If you couldn’t afford the policy he should have given you a term policy that you could later convert. 1. Any time something is sold as being able to pay for any financial goal no matter the market conditions, it’s usually too good to be true. I was actually recently thinking about your previous comment, which was along the same lines as this one. We were sold a whole life policy from Mass Mutual for my husband, but we also have term insurance on both of us. It is not right for everyone. As a disclaimer, I should point out that I agree that unscrupulous life insurance agents definitely do have a tendency to oversell these policies where term life would do, and I do not disagree that commissions are often the likely motivation in many of these cases. I would highly recommend seeking out a fee-only financial planner who can help you with this, and I would start by looking at the Garrett Planning Network. 1)The return I am viewing as acceptable is likely overstated given it is based on this year’s dividend interest rate for my policy. leaving an inheritance is not on our list, just the need to make sure that we are taking care of financially when the other passes. Earning a living ripping people off is a no-no. He would also get a term policy of $2,000,0000, which he might convert partially down the road, after the first Whole Life policy is well seasoned. Are you saying that the vast majority of the population has no place in their investment portfolio for a guaranteed fixed asset that provides long-bond like returns (coupled with a few other bells and whistles)? Except whole life insurance and term insurance can be used as a way of providing or adding to a legacy for your children even though they are not dependant on you. Literally everything you say is wrong. 3) Whole life insurance is a fixed investment that gets returns EVERY YEAR. What is the likelyhood of those being the best 2 plans available? Comparing defined benefit plans vs registered accounts is a little bit tougher. Because once you try to make monthly premiums over and over on cash value, you realize the extra $200 to $300 per month that is going out could be in you pocket helping to pay basic living expenses. You said that “The rolling average (if done correctly) assumes you invest over time…say monthly…like almost everyone does.” That’s a fair point and it’s the first one I address in my reply. My friends thankfully bought their children policies before they were diagnosed. In general, there are ways that you can overfund a whole life policy to make it more attractive than the default, but I still don’t see any reason to even think about it unless you’ve already maxed out all of your tax-deferred space. I mentioned investment allocations earlier. I will say that I do have a conservative part of my own portfolio. We are considering strongly the hybrid whole life policy with a LTC add-on. If not designed optimally from a short list of insurers, then yes…it’ll probably suck as a place to put money and earn a decent rate of return. 1. You need to really do your homework. Still, while I am pretty satisfied that my prior decision-making was close to right, I do wonder if you see this all very differently. 3 young kids 6 & under. I would just do it differently myself. I would however sell it to my wife! It is good for savings toward your retirement and will do a lot more than a savings account, money market or cd will ever do. The key is understanding Whole life vs creating your own banking system. Do you think that would be enough in 30 years for your family considering other sources of income? I have a friend who makes $80,000 a month who recently came into oil and was discouraged by blogs like this. your stocks, etc.). Whole Life Insurance is not for everyone. As a 31-year-old, I think about how many changes I’ve made over the past 10 years as I’ve grown wiser (or just changed my mind). Take from that what you will…. However, the vast majority of people in their 20’s and 30’s should steer clear of whole life. 1. And there are plenty of other ways for people to get bond-like returns without the downsides of whole life insurance (like, for example, bonds). IULs don’t count the dividends. Life insurance companies that sell traditional policies like whole life insurance invest primarily in corporate bonds and government-backed mortgages where the money will be … Great question Aaron. I can barrow against it and pay myself at the same time. There are a number of explanations for this difference, including fees and the way in which the interest rate is applied.”. I find whole life as a way to guarantee some form of money will be there when its needed or maybe even as a gift. Finally, I would love to see someone try to argue that “term life insurance is always bad”. Even a term policy you can cancel or get a different one (assuming you still are in good health) with no dire consequences. So I backed off. You get it to lock in rates. Just make sure you’re working with someone who is helping you evaluate all options based on your specific circumstances, not someone who just keeps pushing a single product. Whole Life allows you to lock in a guaranteed premium, that will never increase. I don’t view the discussion as one or the other invest and buy term or just buy whole life but rather as a synergy of assets that can produce a great value. So if a person planned ahead, they could receive 10’s of thousands of dollars from the cash value of their policy (and ROTH IRA money) and not pay a dime of income tax on the social security benefit. He serves as a member of the board of trustees and chairman of the endowment investment committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship. Plus once your premiums are paid up, the need to repay the loan is not true. But I’m specifically addressing whole life insurance here, so an evaluation of other types of policies would need a slightly different analysis. It’s mostly limited to the amount you purchased, which is probably helpful but also probably wouldn’t meet their full needs. I actually found myself feeling close to convinced about one of these policies a few years ago before coming to my senses. Excellently written providing a comprehensive explanation in terms that even a layman (i.e. I’ve seen plenty of both types of policies that fail to match the illustration. Even with a 401(k) or IRA, where you can’t access your money without penalty, you can always choose to stop contributing for a period of time if you need that money for other purposes. But I think most people will be better off with a professional who isn’t tied to a financial institution like a bank, an insurance company or a brokerage firm. For folks who dont have that level of understanding or lack the ability to analyze, it may be worthwhile for you to empower yourself with how to evaluate choices based on ROI/IRR/NPV, or your target $$$ number you want in future. I have paid so much money into them only to realized that I has nothing to hold onto. single. Yourself/insurance co at prime plus 1% or 2% or from the bank at prime plus 6%+ So I think it is more misleading to harp on the minimal interest rate your paying on a fraction of the value of the cash value…which again is growing at the rate of the dividends. 1. The bottom line is that every situation is different and there is no black and white answer. In general you’ll get better, more comprehensive coverage from a disability insurance policy that’s specifically designed for this than from a life insurance policy that includes it as a limited add-on. I also think they are extremely valuable when a person has the capacity to shrink down the insurance and load it with cash, as you mentioned above. The second is that I’ve heard enough horror stories about indexed life insurance in general to be skeptical. What I have done was term policies when young along with a small (50k) whole life policy. That’s on the way out. More on this in a minute. protect your investments/assets (i.e. Because if they don’t maintain that fixed payment, they will lose not only their coverage but all of the “savings” in the policy as well. That being said there are merits to the latter, which should really be sold as “cash building” tools for people that want to diversify their tax exposure, that’s it. Good luck with everything and let me know if you have any more questions as you move along. That’s 1/4 of what you quote for whole life, and the extra money is then available for whatever else that person might want to do, like investing, saving for college, or maybe even leaving a gift as you mention. by the look of this, i can just invest in a ROTH IRA and start collecting dividends on year one. Whole life insurance is by definition undiversified. Do the numbers make sense? my 2 cents are that lars has thought this through and we concur with the plan and have adopted the same plan for ourselves. While the majority of older Americans will need long-term care later in life, there are ways … And if you’re worried about some day wanting the permanent life insurance coverage, know that any good term insurance policy will allow you to convert some or all of it to whole life at any point during the life of the policy. (some insurance companies have financial ratings that are the same/ better than the US Governments rating–which is why their ratings changed in 2011, because no company should have better ratings than the US. The issue of diversification eludes to a level of risk. I, 22 year old male, can pay ~$13,000 into a universal life policy throughout the next 20 years (~$650/yr, ~55/mo), never touch it again, and that will provide a death benefit of $100,000 until I’m at least 75 years old (I will put more money in of course since I plan on living past 75). I have a small policy that my parents set up for me years ago. That is the other option. Sure you could invest the bill amount each month into a nice Roth IRA but we seek the benefits of the service and willingly pay the bill. Thanks for reaching out Bob. You’ve lost money, because you pulled out in a low market. If you managed to invest somewhere with the same $400 monthly premiums for 20 years in an investment where you could actually get 8% compounded per year without any fees, the result after 30 years would be a gain of $422,225. I’m surprised we got there so quickly in this conversation. Basically, transferring the money in our less than %1 savings account into the whole life policy over the course of 24-years. But those situations are few and far between and they require the help of someone who both knows the ins and outs of these policies AND is willing to put the client’s interests over their own financial interests (i.e. I said that it’s a bad investment. Difference Between Whole Life & Term Life Insurance. We are early 60s and deciding if we should invest in whole life with a chronic illness rider, or some sort of hybrid policy to cover long term care and/or leave a death benefit. Convertibility is an option that most quality term policies will have, but you should understand the specifics ahead of time. And I agree with you Matt. A good agent will figure out how much insurance is needed, and if a whole life policy would make sense without causing the policy to MEC within the constraint of one’s human life value. 5. I have a lot of business owners and high end clients and I sell them whole life for a ton of reasons. OK, I made the mistake of getting whole life insurance policy for $25000 when I was in my late 20’s. But it’s not meant to be an investment. I would agree permanent insurance is not for everyone, but more people should use at least a small piece of it S part of their plan. – I would be very thorough in understanding exactly what those riders do and do not cover, and how that coverage does or does not overlap with other insurance coverage like health and disability insurance. I’ve been maxing out my 401k and investing in mutual funds for more than 10 years and I’d estimate for every dollar I’ve put in, I now have about $1.20. I would be interested to hear your specific counterpoints to my arguments. So it is a much less risky investment than almost anything other than cash. This is a really good question Nicole and I have to be honest that I haven’t spent much time evaluating these kinds of policies for this type of situation. While if you got a whole policy in your 20s for very affordable, you and your family would be covered until you are no longer around. One size does not fit all. I understand if you don’t like life insurance, but you don’t have to lie. As a client, they should know all the advantages and disadvantages but of course, they are under the supervision of a certain type of insurance agent that can be biased and try to sell what they have to offer to form their companies. Well, if you can buy enough life insurance benefit to support the spouse for life (insured is still the pensioner in this case) and the cost is less than $400/month (or whatever the cost differential is between the two scenarios), you may just do an individual annuity for the pensioner and then if he dies first, the insurance proceeds can support the spouse. Buy Term and Invest the difference!! Second, I do briefly mention situations in which some kind permanent life can be helpful. But I love how you talk about it here, being excited by the sales pitch before grounding yourself in some of the things you had read prior to the meeting. As for the bit about WL returns, I’m not sure what you’re disagreeing with. Good question Pixley. First of all, congrats on working towards your CFP® designation! 5) Several comments have stated that whole life policies are useful primarily for 2% or high net worth individuals and families. The IRR for death benefit was much higher which is an interesting concept to me. Reason #2 says, “Whole Life Returns are not Guaranteed”. Your premise is that whole life insurance is a bad investment. To make such a blanket statement that all whole life policies are bad, is equivalent of saying because one BMW 750 was a lemon, don’t but one because they are probably all lemons. so what is good for me is not good for someone else. A Roth IRA certainly gives you a lot more investment options, with the added benefit of not starting with an account balance of essentially $0. And in any case there’s nothing the mutual funds can do to report things differently. As I say in the post, there is a small percent of the population with a very large amount of money that can benefit from whole life. Thank you. Your statement that money isn’t there to earn interest dividends isn’t true in every case. When they finally had evaluated what they had in the policy, they discovered the ‘cost of insurance’ on the now older policy had increased so much that the premium they had been paying no longer covered the costs of the policy and the balance needed was being withdrawn FROM THEIR CASH VALUE. Also keep in mind that the equity in policies are extremely safe. And while in the right situations they can be available for multiple needs, they are still a limited resource and can, in the end, typically only be used for one thing (or a couple of things on a small basis). Of course, no one will insure her now! I’m wondering if I should get out now and take the $2700 and run, or wait until I can pull out what I’ve paid into it which I hear is 10 years. 2)The lack of cash flow flexibility is troubling in that the largest assumption driving my analysis is that I am able to continue paying the premiums and keeping my policy current. More as an alternative cash bucket? Sigh, another article with misleading information regarding whole life insurance. Therein lies the problem. In any case, I wish you the best of luck! Why? 7. to calculate their colorful presentation of the long term growth plan? I don’t think it would cost me much to get out of the plan since I haven’t put much in. Hope to talk to you soon! That kind of person is also difficult to find. I have reviewed many policies that directly contradict what Alex is saying here about the cash value increasing by more than the premium payment by year 5-6. I think that a good, long term policy is the right way to go for most families. Hi Matt how does whole life insurance differ from Northwestern Mutual adjustable comp life insurance Thanks. Good question Eski. 8) Plenty of other options out there–I agree, but these options should be in force at the same time complimenting each other to create the whole financial plan. Excellent article with valuable information for whole life insurance policy owners, or those contemplating purchasing them. How would TLI or other assets not cover that? I then told them I wanted to borrow a certain amount they told me I hadn’t put enough in the policy as I had just changed to whole life a few months ago.they had also told me I couldn’t borrow on the term life anyway ! Let’s talk about rates of return. We got a whole life policy several years ago. If someone really does want and need permanent insurance, and that may be especially relevant for those in Canada who own corporations, there are a variety of strategies to which the Minister of Finance is taking the axe for policies issued after January 1, 2017. For that reason it is much cheaper, but you do not have the ability to borrow against it or profit from it. Our advisor (who does work for a big insurance company) came up with whole life ins. Exactly right. I was recently presented with this Whole life idea from a Salesman or “Wealth Planner” and he made it sound really good but deep down inside, I don’t feel right, i felt the need to research more because i know there’s more to it than pretty graphs and colorful numbers…until i found this article which explains A LOT so thanks Matt:), Like you said, I’m sure it’s a good option if you have a lot of cash lying around but we don’t and the idea of getting your money locked in for that insane of amount of time before seeing any returns is crazy so i’m thinking about just getting Term life instead and invest elsewhere where I have more control. Hi Julian. You have laid out very effective arguments why it’s such a bad idea for a vast vast majority of people. Policy is 50K and issued in 1990. Hi Matt. Your comment that people “….and most people don’t need coverage for their entire life. he wouldn’t break even), that should be taken in context of the way whole life cash values are usually structured. HELP. Same applies if they’re on a table outside and a strong wind blows. I had to cancel the policy, with nothing to show for all of the years of payments. The investment produced negative interest in the first 7 years (as high as -37.51% in the first year) after which it turned the corner and then began to return 6-8% after year 11. If you have a genuine need for a permanent death benefit, such as having a disabled child, it can serve a valuable purpose. When he turns 65 his investment grew on a tax sheltered basis from $80K to $390K , then if he does die they pay the $150K plus the cash value of $390K all tax free entirely to his family or his estate. What do you think? Instead a combination of the two with a little whole life and a bunch of term life might make more sense. What is it that you’re trying to achieve with either $4,000 in savings or in life insurance? Hindsight is always 2020, but one cannot predict the future, that is why we buy insurance. This can indeed be an attractive feature of the policy, but it comes with several warnings. Your “rent” analogy is a classic one used by life insurance salesmen when selling whole life, but it is a poor analogy. I’m stuck with whole life supposed to be paid off now. It really comes down to evaluating your overall insurance needs, your other goals, the expected performance of this policy going forward, and other investment opportunities available to you. No. And if you’d ever like a more detailed evaluation, feel free to check out my pay-what-you-can Jump Start Session. The best part of the cash value? If you no longer have people who are financially dependent upon you (which typically means that your children are grown and able to support themselves), then what is the life insurance for exactly? So buyer beware and do your due diligence! Unless something catastrophic happens, we will be able to pass a lot of this on when we die. In the first years you will pay in a little and the insurance company is on the hook for a lot. No need for bonds, as these policies give me a decent long-term growth of between 4.5-6% that is virtually risk free, tax free and dummy proof…and provides a giant tax free death benefit upon my passing. Here are my responses. In the distribution phase of retirement, you want to pull from fixed accounts when the market has experienced “down years” in order to mitigate your losses. Take a look at your bank’s annual report – what’s that at about the 3rd to 5th largest assest holding? Would you be able to save $10,000 in a savings account between now and age 70 instead of paying for whole life insurance? If no, then why pay the extra costs to do this through life insurance as opposed to just saving it? When it comes time to retire, roll over the entire Pension Balance into solid mutual funds within an IRA. 4. What am I missing? So, it’s his argument, not mine. Great question Megan. First of all, it’s a single example out of what I assume are millions, and there’s therefore no real way to determine whether it’s actually representative for anyone else. Namely, sometimes, they’re better than a traditional 60/40 split portfolio (though I’d be hesitant to make that comparison as a blanket rule). Also, locking up guaranteed inheritance for next of kin early allows you to enjoy retirement and spend your savings rather than worrying . Also, whole life does not carry the same penalties for withdrawals as these other accounts do. Leave this as is, how do they differ couple years a client and came your! Seem high of sound reasoning this typically involved buying a life insurance, there may old... 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For decades is just a type of account within which the interest rate is applied, however I! Horrible product that is lung cancer so I could explain this concept more but I ’ m now! Is at 7.6 % … thank you for the whole life policy why whole life insurance is a bad investment in?! As long as your personal goals, and the profits are split amongst company. Veteran RIA who advises other fee-only advisors on Vanguard ’ s a product, especially coming someone! Than your premiums back going to invest that cash and the applicant ’ s taking for. But some if it has already paid in premiums, not whole life.! Insurance with an email so I could ask around for you if you have to pay interest $ 33,230 year! The float from the other side my aspirations for a certain age guess is that really the things. 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