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
there is only 1 benefit, and it is minor.
Whole life is effectivly a tax-deffered saving account you cant use, with a fixed monthly deposit rate, and high fees.
The only benefit is you HAVE to pay the monthly fee, which turns it into a “bill” in your mental acounting instead of “extra money I should invest”
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