The purpose of life insurance is supposed to be to replace your lifelong earning potential for someone who was depending on it (if you're raising a kid, eg), and most people's lifetime earning potential has been trending down from what they were expecting https://twitter.com/Lexialex/status/1317927771297828864 …
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So asking people to purchase life insurance on the individual market is asking them to consider life questions that may well be totally irrelevant to them several years in advance ("how much money will your kids need if you die")
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This reminds me of a Great Big Sea song where a father and son want a nicer fishing boat, and the punchline is that the dad dies of old age and his life insurance buys a new boat for the (now adult) son - and this is *horrible* financial planning!https://www.youtube.com/watch?v=JUo5NqEBNWU …
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depends on the kind of policy you have, if its a solid policy you can use it as collateral on a loan or sell it off.
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Enh The way the math works out you could've just not bought the policy and put the money in investments and come out ahead - because, again, that's how the company makes money
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Old enough to remember when it was very common for parents who could afford it to buy a newborn boy a life insurance policy and a girl a burial insurance policy, the latter to be transferred to her husband at marriage.
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Oh ew.
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My parents bought me a life insurance policy when I was a baby. I’m 60 now. Cash value is 5 figures, against which I may borrow at a hardwired rate of 5%. Pays dividends, and I have to pay tax yearly because I’ve got back more than total premiums. Sucks to be them actuaries.
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LOL! I'm really glad this is working out for you. I don't know that insurance policies work like this now, which is why I haven't gotten one for my child although I considered it when they were a baby.
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