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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Whole life insurance
My kids are young, 2 and 6. We have a 529 for them but lately I’ve been hearing about whole life policies for kids as a way to save for college. I’m clueless here and wondering if anyone can provide any information. Thank you.
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Posted 8/4/19 5:31 PM  |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Whole life insurance
My experience has been they are VERY expensive with a small return of your money. We have term life, FAR more coverage for very little cost. You're better off getting a term life policy and taking the money you'd pay for a whole life policy and invest in something with a better return.
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| Posted 8/4/19 7:13 PM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Whole life insurance
Friends of ours did it at the advice of a financial planner. We looked into it. The benefits are that the money can be used for anything, even if they don’t go to college, once they reach a certain age. But it’s a set amount.
We just have the 529 plan at the advice of our financial planner.
Message edited 8/4/2019 7:50:45 PM.
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| Posted 8/4/19 7:50 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7612 total posts
Name:
Momma <3
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Whole life insurance
Not worth it. You can earn more money investing it yourself. We did a lot of research on this when my son was born.
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| Posted 8/4/19 8:15 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Whole life insurance
Oops edited because I realize you're talking about a policy on your kids. We have one on ourselves, to benefit a special needs trust for our son. I would look into other avenues though as it is expensive. Maybe look to investing it elsewhere.
Message edited 8/5/2019 11:44:43 AM.
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| Posted 8/5/19 11:42 AM |
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jamnmore
LIF Adult
Member since 6/16 989 total posts
Name:
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Whole life insurance
I have a whole life policy that was purchased when I was about 7. It has a face value of 10K. If I were to cash it in, I would get the 10k. If I were to die, it is worth about 45K. Mine has a self pay option, so I no longer make yearly payments, the dividends make the payments and I am still earning a considerable amount. Is it going to make my family rich, no. But I keep it in addition to my term life to pay funeral costs.
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| Posted 8/5/19 1:47 PM |
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