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View Diary: Internal Wall Street pitchbook shows that you, the clients, are suckers (107 comments)

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  •  Whole life policies (2+ / 0-)
    Recommended by:
    shrike, JerryNA

    Suuuuck.

    Index ETFs are much better. You can even get conservative ETFs that make a few percent a year at low risk too.

    Anything better than whole life.

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Wed May 22, 2013 at 05:40:28 PM PDT

    [ Parent ]

    •  Yes, conventional whole life sucks... (0+ / 0-)

      But if you buy a policy that's built to maximize the living benefits rather than the death benefits, there are distinct advantages.  I have as little of my premium as possible going towards the death benefit (the base policy) and as much as possible going towards the cash value (via Paid-Up Additions), which makes the cash value accumulate about 3 times as fast as it would in a normal policy.

      This strategy has been around awhile for the wealthy, and has been popularized by R. Nelson Nash.  Look up "Infinite Banking" on Amazon.  Be prepared, though:  Nash and his followers are hardcore libertarians.

      I only offer this as anecdotal testimony of my own way out of the Wall Street casino, and encourage others to do their own investigative research.  This isn't for everybody, and is particularly risky for those who aren't able to commit to accumulating some savings non-stop for at least 5 years or so (that's when whole life really sucks, when you have to cancel the policy prematurely and take a huge bath).

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