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Do you think What ALICO Insurance CO.saving plan (life insurrance, medical,kids university savings is good? |
Do you think What ALICO Insurance CO.saving plan (life insurrance, medical,kids university savings is good? Life insurance is NOT primarily a savings vehicle. You should not look at it for solely the savings feature. If you do not need life insurance and simply need to save money, then I recommend you have your bank automatically move funds from your checking account to a savings account or mutual fund each paycheck and you will have much more over 20 years than any life insuarance policy. That being said.....permanent life insurance has many outstanding features in additiona to the forced savings you are talking about. Obviously, you have a death benefit, that you do not get in any investment vehicle. You also get tax defered growth, also something that is not available on most non-qualifed savings vehicles. You have ready access to your cash at all times, which may not be the case with some investment vehicles. And last but not least....you have the tremendous opportunity to take loans against the cash values in the policy and not have to pay income tax on the income. You do not pay tax on loans. As a financial planner and insurance agent, I thoroughly enjoy this business. I encourage you to really think about exactly what you are trying to accomplish and then choose the right vehicle. If you have any other detailed question, just send me an e-mail. I'll be happy to answer any other questions. Source(s): CFP(R) I am also insured with aloco .i had bought two plans from alico.it is good saving habits . Life insurance is a savings account for people who don't know how it works, don't know much about money, and don't mind the insurance company making A LOT more money than them, off of their money. I would NEVER NEVER NEVER use this savings plan. I wouldn't use ANY life insurance as a savings plan. It's the WORST rate of return you can get. Might as well put a coffee can on your top shelf, at least you won't LOSE money in the early years. |
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