Cash Value Life Insurance Buying Tips
- The insurance company charges you interest if you "borrow" your own money
- Savings component of whole or universal life
- Should be purchased for at least 10 years
- Can be used for retirement, emergency account, or reduce debt
- Interest may not subject to current taxation
- Higher costs than term life
- Some policies offer different investment options
- Shouldn't be funded if you have high interest credit card debt
- Might make sense if you are fully funding your IRAs, 401k, or for estate taxes
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