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thomasben2296

LIfe Insurance

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Generally speaking using life insurance to fund your retirement is very expensive way to invest (lots of fees put an enormous drag on your return).

 

Are you already maxing our your pretax and tax-deferred retirement account options [401(k) or similar and Roth]? 

 

If not (and if you genuinely need life insurance) you might be able to pay the premiums on term coverage with the tax savings from the contributions you make to traditional retirement vehicles.  

 

Depends on the numbers, of course.

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life insurance is best thought of as income replacement for those who depend on someone else's income.

 

please don't conflate retirement with life insurance. "insurance" products that are sold as "retirement" vehicles are expensive and inefficient.

 

what retirement vehicles are you using now?

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I do have some personal saving for retirement but I am looking after options where to invest so that it save some money for retirement as well as to cover my life, to protect my family financially in case of unexpected situations.

Anyways thanks for valuable information.

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10 hours ago, thomasben2296 said:

I do have some personal saving for retirement but I am looking after options where to invest so that it save some money for retirement as well as to cover my life, to protect my family financially in case of unexpected situations.

Anyways thanks for valuable information.

for the insurance but a term policy.

 

for retirement, what are the options, if any, through your employer?

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13 hours ago, hegemony said:

for the insurance but a term policy.

 

for retirement, what are the options, if any, through your employer?

I do have health insurance policy with the employer. As per my knowledge term policies are only fixed term right so will I get lump sum money after the premium ends.

Thanks for reply Hegemony

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11 hours ago, thomasben2296 said:

I do have health insurance policy with the employer. As per my knowledge term policies are only fixed term right so will I get lump sum money after the premium ends.

Thanks for reply Hegemony

I have a term policy at work. I only "win" if I die while the term policy is in effect (my beneficiaries collect). If the term policy lapses (like premiums are no longer being paid), it has no value. No benefits will be paid. A whole life policy, does accumulate a cash value, but I wouldn't think of it as retirement savings. I'm not a life insurance expert. You need to do a lot of research.

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17 hours ago, thomasben2296 said:

I do have health insurance policy with the employer. As per my knowledge term policies are only fixed term right so will I get lump sum money after the premium ends.

Thanks for reply Hegemony

I think he meant retirement plan options...  401(k) or similar...

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6 hours ago, cv91915 said:

I think he meant retirement plan options...  401(k) or similar...

 

11 hours ago, Burgerwars said:

I have a term policy at work. I only "win" if I die while the term policy is in effect (my beneficiaries collect). If the term policy lapses (like premiums are no longer being paid), it has no value. No benefits will be paid. A whole life policy, does accumulate a cash value, but I wouldn't think of it as retirement savings. I'm not a life insurance expert. You need to do a lot of research.

Thanks for your reply. I will see through which one is best suitable for me.

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On 10/16/2019 at 3:13 AM, hegemony said:

for retirement advice and to learn about options, I highly recommend the boogleheads board: https://www.bogleheads.org/forum/index.php

 

 

 

 

Thanks for sharing this forum board hegemony and sure  I will go through this forum, are there any other insurance forums where I can get some information about my query?

Edited by thomasben2296
added more information

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There is a plenty of useful term life discussion on Bogleheads in the Personal Finance forum.  

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On 10/17/2019 at 3:05 PM, cv91915 said:

There is a plenty of useful term life discussion on Bogleheads in the Personal Finance forum.  

Alright thank you cv91915. I am looking for any other options.

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