[‎‎‎‎‎‎‎‎‎Adriana]

Please help me understand insurance. I am leaning towards IUL as I can later use to retire or any hardship.
I am a mom of 2 but got remarried and have my husband and 2 bonus kids

I make a bit over 115k myself nd my husband is trying to retire early due to cancer.

Any advice as to what insurance will benefit me the most?

[Barron]

I agree totally with Jule Martin. Buy TERM insurance only!! Stay away from using insurance as investment vehicles.

That’s a scam that profits the insurance companies, not you or your family.

Upon unfortunate death, whatever was accumulated on that “fund” your family will only get the death benefit.

THAT’S IT!

[Jule]

Whole life insurance (IUL) is a terrible product filled with high fees and ineffective investment and insurance practices.

The only people that like it are the salespeople that make a high commission from selling them. Please stay away from it.

Keep your investments and insurance separate.

Buy a TERM life insurance until your kids are out of the house and in their own.

Invest in no load fee funds, Fidelity and Vanguard are great for this.

[Max]

please don’t do it, you will come ahead getting cheap term life insurance and putting the difference into an index fund

[Farnaz]

Broker here. What type of insurance are you referring to? If life insurance and IULs, it’s important to remember that these policies are first and foremost life insurance policies and not an investment account.

It is true that IUL policies offer cash value. However, they need to be designed correctly and contributed to adequately.

If you don’t fund the policy enough, the cost of insurance will eat up your cash value.

There are various types of IUL, some are designed to grow more aggressively, some are for protection and LTC.

[Author]

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