What are the REAL benefits/downsides of whole life insurance? My TikTok is flooded with these finance gurus trying to sell it and are saying all kinds of stuff that sound sketchy like infinite money loops and whatnot
In: Economics
It’s life insurance with an investment attached, but the investment comes with a big commission for the agents, which is why they love selling it. You’re better off getting term life insurance and then investing the amount you save in an index fund that doesn’t have the commission.
So yes, benefits are that it can pay off, like any investment – but it’s not your best option.
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