world financial group universal life policy or any other life insurance policies...

[autumnrain]

hi, I AM NOT INTERESTED IN JOINING THE WFG.
I just want to know if anyone has the universal life policy? and your thoughts about its effectiveness. pros and cons.

If this isn't a good policy to buy, what are other life, disabliity and critical life insurance policies that are better.

I'm 25 non-smoker, female.

[max_boost]

You need to go to talk an actual life insurance agent. He/She will have all the answers you want. When it comes to life insurance, there are sooooooooooo many options.

[Masked Bandit]

Way too many variables involved to get an accurate answer here. Call your car insurance rep as they may also do life insurance or at least have a decent referral.

[autumnrain]

alright
but does anyone on beyond have universal life insurance? either with world financial group (primamerica) or anyone else

[Masked Bandit]

Originally posted by autumnrain
alright
but does anyone on beyond have universal life insurance? either with world financial group (primamerica) or anyone else

I do. What do you want to know?

[revelations]

I do as well.... its been a few years, I should probably look at how its doing.

[autumnrain]

basically what you think about the policy?
the first 2 or 3 years goes towards the "cost" of setting up the account?
I also searched it up, and someone said they had difficulty taking out the funds.
have you guys ever tried taking out money?

[Grogador]

They offered me this as well, not too many people on the 'net have good things to say about it, then again the intrawebs are full of whiners

My understanding was if you get say a 400k policy, and your investments' cash value eventually hits 450k, you could then "borrow" against that extra 50k??

[revelations]

Ya its not like an RRSP where you could take the funds out to buy a house or something.

The way my account it setup is that it 'overfunds' itself which kicks in a shuttle fund which after 10 years begins to accelerate the rate of growth which makes for $$$$ at retirement... this is all through a loophole in the system right now.

Unlike RRSPs, when you pull out at 65, you dont get dinged for income so you can still earn CPP and medical.

[autumnrain]

oh ok,
so what do you think of your policy right now?
the internet is really full of alot of haters for the WFG lol
well I was reading another site that said you should keep insurance as insurance and investments seperate.
kinda made sense..
either or. I want to get life insurance.... its a scary world out there!
anyone can recommend some other insurance agents? from manulife or metlife or any other big company?

[lint]

Here's the Life Insurance page from Investopedia

I think this quote sums it up best:

When seeking insurance, don't rush into buying expensive permanent life insurance before considering if term life insurance sufficiently meets your needs. Unfortunately, in many cases the fees charged for policies with investment features far outweigh the benefits.

You don't buy whole car insurance or whole house insurance, so why buy whole life insurance? Keep insurance insurance, and investments investments.

[autumnrain]

Originally posted by lint
Here's the Life Insurance page from Investopedia

I think this quote sums it up best:


You don't buy whole car insurance or whole house insurance, so why buy whole life insurance? Keep insurance insurance, and investments investments.

Hey Yeah I think that really does make sense. I am goign to get term insurance now instead.
thanks