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Return of Premium Life Insurance

Discussion in 'Money & Finance Forum' started by kakia, Feb 27, 2007.

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  1. Feb 27, 2007 at 11:01 PM #1
    kakia

    kakia Full Access Member

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    Does anyone have any thoughts on return of premium life insurance? Is this a good option? Life insurance is needed since we now have a daughter, but i didn't like the idea of paying into something that may never be needed.
     
  2. Feb 27, 2007 at 11:17 PM #2
    law1ng2b2

    law1ng2b2 Full Access Member

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    interesting concept. keep in mind two driving factors:

    1. You will pay more than you would a regular term life policy. Are you willing to pay more for the luxury of having the premiums waiting for you after 30 years? Is it possible to invest the difference in premiums and do better?

    2. You will need to keep the same policy for the entire term of the policy. If you cancel it before the end of the term, you lose everything. Can you make a 30 year committment?

    All in all, it is not a bad deal. I am still a believer in regular term insurance. but you have to make the best decisions for you and your family. Google it...there are some interesting articles written about this out there.
     
  3. Feb 28, 2007 at 9:27 AM #3
    slydevl

    slydevl Asshole for the People!

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    Yep, just buy a 20 year term policy.

    Quote them both and make yourself invest the difference between the two each month.
     
  4. Feb 28, 2007 at 9:39 AM #4
    meatpile

    meatpile 7-9

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    It's a great way for the agent to make a nice commission. Go term.
     
  5. Feb 28, 2007 at 11:17 AM #5
    VA49er

    VA49er Full Access Member

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    That's what I was thinking. No need to go 30 years. I'm planning to get life insurance, other than work, up until the kid goes to college.
     
  6. Feb 28, 2007 at 12:11 PM #6
    Freakshow

    Freakshow Fuck you guys.

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    Term...invest the difference.
     
  7. Feb 28, 2007 at 9:39 PM #7
    kakia

    kakia Full Access Member

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    That's exactly what our insurance agent suggested.
     
  8. Feb 28, 2007 at 11:19 PM #8
    LarryD

    LarryD autodidact polymath

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    if everyone had discipline, it'd be easy. hard not to spend it on that extra pair of cute booties. or onesie. even when i go to the superwalmart, it's hard not to buy stuff for my neice.
     
  9. Feb 28, 2007 at 11:42 PM #9
    law1ng2b2

    law1ng2b2 Full Access Member

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    that is a good point. but you beat that temptation by setting up an automatic draft the day your paycheck is deposited. after a couple of months, you don't even notice it.
     
  10. Mar 1, 2007 at 8:44 AM #10
    Trace

    Trace Full Access Member

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    Never use life insurance as an investment.
     
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