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Ups life policy?
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<blockquote data-quote="Oak" data-source="post: 1550975" data-attributes="member: 51519"><p>With whole life policies you pay for three things.</p><p></p><p>1) The death benefit</p><p>2) The savings plan</p><p>3) The opportunity to borrow from the savings plan</p><p></p><p>The problem is, you can only ever get one. The total amount of the death benefit. When the insured passes, only the death benefit is paid. The savings plan is GONE.</p><p></p><p>You can borrow from the savings plan at a very low rate. Wait! Borrow and pay interest ON YOUR OWN MONEY?</p><p></p><p>If you borrow from the plan, and the insured passes, the amount borrowed and not yet paid back is deducted from the amount of the policy.</p></blockquote><p></p>
[QUOTE="Oak, post: 1550975, member: 51519"] With whole life policies you pay for three things. 1) The death benefit 2) The savings plan 3) The opportunity to borrow from the savings plan The problem is, you can only ever get one. The total amount of the death benefit. When the insured passes, only the death benefit is paid. The savings plan is GONE. You can borrow from the savings plan at a very low rate. Wait! Borrow and pay interest ON YOUR OWN MONEY? If you borrow from the plan, and the insured passes, the amount borrowed and not yet paid back is deducted from the amount of the policy. [/QUOTE]
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