Cash Value Life Insurance Drawbacks

One to Three Year Graded Death Benefit
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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