Life Insurance, is it a scam?
I've seen a few people on here make the claim that life insurance is (generally) not beneficial. Let's say I'm middle aged, 2 dependents, 50k a year job, good health. Is it a good idea, if not where should I be putting that money? Is whole or term better? Can someone provide a clear (almost ELI5) pro and con list?
Hi David, thanks for your question and it is a critical one. Unfortunately, there is not a straight forward answer, because it depends what your focus is and what you want to achieve with insurance. Here a ELI5 questions to get you started.
- If you need help saving money and want to protect your family in case you die? Whole Life
- If you do not need to help to save money, but want to protect your family in case you die? Term Life
- If you know how to save money, but do not want to protect your family in case you die? Mutual Fund and unitrust or ETF
A professional insurance agent will ask you many questions to learn about your savings and insurance knowledge to then guide you which product is the best for you.