Cheap Whole Life Insurance for Seniors May Well Make Sense as Supplemental Option
Many experts say whole life insurance for seniors, even though cheap options are definitely a waste of money. Over 60 years old, the premium of whole life insurance seems ridiculously expensive. As investment vehicle, whole life insurance is also unreasonable for seniors due to high cost yet low return.
If you search for life insurance, term life insurance is more sensible than whole life insurance. If you need investment, the other investment options could give you a better return. Yet, why many seniors still pick whole life insurance? Are they dumb or they find the sense of cheap whole life insurance for seniors?
High cost and low return are the real facts of whole life insurance. If you do not have a good financial
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After saving and invest nicely, there may be some leftover that would be nice if you can put it on favorable investment. Whole life insurance could be that favor thanks to tax-advantage. Indeed, tax-advantage of policy is the most common reason why people choose whole life insurance as an investment vehicle. If you are in a tax bracket, this policy is helpful. This is also supportive option to secure your asset, especially taxed property.
Unlike term life insurance, whole life insurance allows you to get tax-free withdrawals and loans. In the future, after you build enough cash value, you can get easy cash for emergency without worrying income tax. You may worry that you may not be able to enjoy it due to the waiting period. If you're not in a good health, this is surely doubtful, you will live long enough to enjoy the advantage. Nonetheless, with better medical care and more people are well conscious about health, life expectancy rise greatly nowadays. As life expectancies become higher, you will get peace of mind with this long-term life