Originally Posted by
sailingfun
The biggest advantage to whole life policies or annuities are the absolutely phenomenal amounts of money they make for the selling agent and the company. Costs that you can’t even see are baked in everywhere and you need a attorney who specializes in these policies to even read the contract.
As mentioned by others if you are near retirement age you should be fully self insured as a Delta pilot. In addition if you have a PBGC benefit you have not started drawing you have an excellent free insurance product.
The company provided insurance is also not that expensive. Strangely some pilots think the imputed income number is the actual amount you pay in taxes.
Yeah yeah…make your own research. Stop spewing Dave Ramsey Bs.
Anyone that is young enough should use it as an alternative to 401k, Social Security, etc. Mine is paying 4% guarantee growth + dividends (this year 5.75%). And I can read my contract just fine, it’s all spelled black and white, not like our PWA.
Anyone with PBGC, is already late to the game for the WLI. Anyone that’s in their 20s-low 30s, compounding alone can be very lucrative at retirement. I could probably just use dividends at retirement for extra income.