Whole Life Insurance
Permanent life insurance with lifetime coverage and slow-growing cash value.
Full explanation
Whole life insurance covers you for life as long as you pay premiums, includes a cash value component that grows tax-deferred, and pays a tax-free death benefit when you die. Premiums are typically 5-10x higher than equivalent term life. Long-run internal rate of return on cash value is typically 1-4%, far below stock-market index returns. Whole life makes sense for: (1) ultra-high-net-worth estate-tax planning; (2) special-needs trust funding; (3) business buy-sell agreements; (4) people who literally cannot save any other way and want forced savings. For 95% of consumers, term life + 401k/IRA outperforms whole life by a wide margin.
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