edsfopmfolm
New Member
- 5
Newbie here.
I am contemplating purchasing a whole life policy and have met with agents from a few different companies (random friends and associates have apparently given my name out to their agents recently). Here is my situation because whole life was not on my radar screen a few weeks ago.
I am in my mid 30's. With the exception of my mortgage I have finally gotten rid of debt (student loans took awhile). I am now maxing out my 401k at work and am looking for a vehicle to accumulate money for retirement purposes. My savings is not where it should be nor is the 401k due to a late start. While I do have a family I am NOT looking at this for death benefit purposes. Thus, I was quite surprised when this product was suggested by a distant family member, an acquaintenance and not surprisingly the salesmen.
What is the minimum amount of death benefit you can set up? Are their negative ramifications of doing the bare minimum (to me, not the agent). At the same time, I am curious about starting with a certain level premium but may increase it ina few years. Does that trigger a new round of fees? In sum, what features should I be insisting be in the policy to maximize my goals (assuming I'm looking at the right product)?
Sorry for my ignorance.
Any and all help appreciated.
I am contemplating purchasing a whole life policy and have met with agents from a few different companies (random friends and associates have apparently given my name out to their agents recently). Here is my situation because whole life was not on my radar screen a few weeks ago.
I am in my mid 30's. With the exception of my mortgage I have finally gotten rid of debt (student loans took awhile). I am now maxing out my 401k at work and am looking for a vehicle to accumulate money for retirement purposes. My savings is not where it should be nor is the 401k due to a late start. While I do have a family I am NOT looking at this for death benefit purposes. Thus, I was quite surprised when this product was suggested by a distant family member, an acquaintenance and not surprisingly the salesmen.
What is the minimum amount of death benefit you can set up? Are their negative ramifications of doing the bare minimum (to me, not the agent). At the same time, I am curious about starting with a certain level premium but may increase it ina few years. Does that trigger a new round of fees? In sum, what features should I be insisting be in the policy to maximize my goals (assuming I'm looking at the right product)?
Sorry for my ignorance.
Any and all help appreciated.