Quote:
Originally Posted by jorjef
Au contraire, I have and not ashamed to say I made it worth my time. I'm sure when I die beyond my policy term they will be jumping for joy.
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This is why I HATE Term Life Insurance. Several people I know paid lots into the term insurance, but they kept raising rates as you age and then bam, you can't afford it and your insurance is null and void when you die and your family and friends have to pick up your tab for the funeral (happened to a couple friends of mine).
That's why we all have 20 pay in our family. You pay for 20 years, you have dividends and after 20 years, still covered, your dividends grow & you don't ever have to pay another penny in premiums. We got one for each of our little girls as well so that by the time they are in university, the policy will be paid for and they will be covered for life. If they never cash out, their retirement fund will also be filled by the dividends collecting interest for 60+ years. And the younger we start their policies at, the more bang for the buck.
So 20 Pay and Critical Illness are the only "life" insurance policies I would ever recommmend. I hate the idea of term life because every 5-10 years your premiums get jacked up because their hoping you quit paying and then they keep all your money and you never see a cent.