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How to be sure my advisor's insurance recommendations are good for me?
Recently, I've been in contact with my financial advisor who has been talking me through a few risk management strategies, as well as other short- and long-term financial goals for retirement, kid's education, etc.
She believes it's in by best interest to invest in a life insurance policy for both my wife and me (we have 1 child), as well as a long-term disability policy for me. I work, while my wife stays home with our daughter. Additionally, I have a life insurance and long-term disability policy through my work.
My question: how can I be sure my advisor's recommendations of these extra-employment policies are in my best interest and not just in her best interest to sell me stuff? Do financial advisors generally get a kickback from selling these kinds of policies to their clients?
The thing that is a red flag for me is your statement of "investing in life insurance". No. You probably need to fire her. Investments are great, and life insurance is necessary. M
The thing that is a red flag for me is your statement of "investing in life insurance". No. You probably need to fire her. Investments are great, and life insurance is necessary. Mixing the two is bad, and very bad.
The right solution is to buy Level Term Insurance. It is pretty darn cheap. The level part is the number of years the premiums will stay the same. Your bill (assuming you are like 30 and in decent health) should be about $250/year for a $500k 10 year level term policy. I may be a bit off, but something like that. In comparison a whole life policy will cost you more than that per month.
Still not convinced? Search why whole life is a bad investment on the internet. Or just go here. Selling you a whole life policy allows this adviser to be paid for her services, but it is a really bad deal for you and your family.
However, I cannot state this enough, you do need life insurance, and I would error on the side of buying too much. A friend of my wife just lo2018-01-10 15:47:49