Suze Orman explaining Life Insurance in General Life Insurance
Okay, I absolutely adore Suze Orman. First because her life story is very encouraging (you should google it), and second because she pretty much goes straight to the point.
A sweet 30 something woman asked her “I am married with two young children. Our financial advisor signed us up for a variable life insurance on my husband, we pay $600 a month with a death benefit of $750,000. We had it for 6 years and I have never felt comfortable about it and I am wondering what we should do.
And Suze answer is pretty short. “Get a new financial advisor” She goes saying that her policy does nothing for her but in her opinion it does for the financial sales person that sold it to you – and that variable life, universal, whole life insurance they are on her top “hate list.”
She advice her that the only type of life insurance that she should have is term life insurance – that is good for a certain period of time. And she twice said “a term life insurance policy” – usually until her youngest son is 23 yeard of age. A $650 a month for $ 750,000 of insurance!! – Do a 20 year level term policy, let’s say you are on your 30s you can do that for $50 a month, then you can take the $600 a month and put into a retirement account. You need to get a 20 year term insurance policy and cancel the other, but cancel when the new one is in place.
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