![]() ![]() ![]() One is the same old cost of insurance you pay for death benefit coverage (like term), while another is an account that’s growing from dividends or S&P performance or whatever. UL and WL premiums are essentially going into two silos. But how, when I haven’t paid nearly that much into it? Well, from the people who don’t file claims. If I crash or die or set my house on fire, they cover it. Am I being ripped off? In my opinion, no. I can pay car or renters insurance premiums for decades and never file a claim. I understand where you’re coming from I just wholeheartedly disagree. I've researched a little on WL vs Term insurance and I can't really get a feel for whether $110/year for 30k in insurance is worth it, if it's worth it for my age/financial status, or if I should just wait and get a plan I wasn't essentially forced into later down the road.I have to make a decision soon or else I'll have to pay my premium.Įdit: Thank you all for your input and for sharing some figures with me to consider I will likely be calling tomorrow to cancel this policy. I'm working part time and my hours are about to decrease next month (by my request so I could focus on studies). I'm about to graduate college but don't have a full-time job lined up yet. I don't have a car and the anticipated cash value would certainly help me get one. I don't really know what the best investment here is. I asked my mother for advice and she told me that it was up to me, but did seem to be encouraging me to cash out and use the money I would get back towards something else. My older sister had the same plan and cashed hers out when she turned 21. However, I just recently became the owner of one of these plans and apparently have 30k in insurance for about $110/year (if I choose to continue paying). I've searched through all past relevant posts regarding the Grow-Up plan but saw that a lot of the posters were adults looking to purchase the plan for their children. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |