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Should I consider getting a permanent life insurance policy?

After meeting with a financial advisor for a large life insurance/wealth management organization, I am starting to see the benefits of a permanent life insurance policy. I am 35 years old, make over $100,000 annually, max out my 401(k) match at work and max out a Roth IRA. I do not have a need for the death benefit as I already own plenty of term. I was looking at overfunding the whole life policy right up to the point before it becomes a modified endowment contract. Is this a good alternative to save and grow my extra cash, especially as a conservative option within my portfolio? I was starting to get sold on the flexibility because of its tax-deferred growth, the policy loan options, and the ability to use the cash value as collateral. Is this a good idea?

Debt, Asset Allocation, Choosing an Advisor, IRAs, Taxes
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February 2019

Most of the time when I see questions like this I answer no- but you do sound like the ideal person to look at permanent life insurance.  I call this strategy the Rich Person Roth.  


If you are looking to build up cash value check out universal life- they typically have better returns/interest rates compared to Whole Life. 

February 2019
3 weeks ago
January 2019
3 weeks ago