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the problem is everything you really want on whole life requires more money in premiums.
whole life policies are like snow flakes.they are all different and as complex as can be to figure out
you need to buy guarantees for every little thing from the rates you get, to the value at the end if you dont want it to vary from the projections.
many people do have these but they arent aware they are paying extra for all this stuff.
some you pay to age 95 or 100. some can be paid up in a number of years but without buying guarantees there is no guarantee when the premiums stop that if income and dividends are not enough that your cash value will not be hit.
dividends are not written in stone and can be cut at any time so they have guarantees to protect against that too
some policies only show you projections of what may be,others guarantee it,
it all depends what you want to spend for premiums.
trying to take what one person has or got as a return or features has no bearing on your policy.
Last edited by mathjak107; 01-15-2012 at 02:30 PM..
Wow, I have to say this was quite an informative read and quite a little battle. However, one thing really stuck out, which was saying that the whole life through Northwestern would be a good idea and then putting in "(Assuming that the OP has 401K, disability outside of work)" I'm paraphrasing. That's a great way to look at it because I do not! Well, of course I have a 401K but my company is not large enough to match. That is it. That is all that I have. Therefore I have turned away from the whole life idea and more towards rolling over an old 401K into an IRA and investment ideas along those lines.
Additionally, my spouse is waiting to hear if they will be hired full time from a long term temp status (teacher) and we have had recent layoffs at my job. Not a strong time to put money into something I won't see for 30 years.
Thanks again for all of your comments.
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