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Thinking twice about variable universal life |
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These insurance-investment combos sound good. But with their fees and other complications, you should proceed with caution.
NEW YORK (Money) -- QUESTION: I'm single, in my 30s and I'm already maxing out my 401(k) and IRA account. My financial planner is recommending I purchase a variable universal life policy, the rationale being that I have exhausted all of my other tax-advantaged investment opportunities. I trust my adviser, but I don't understand whether a variable universal life policy is really a good deal. What do you think? George K., Hartford, Conn.
RESPONSE: I have no problem with using life insurance as a tool for protecting the financial security of one's family - specifically, to replace the income of a breadwinner who dies. (Clearly, that's not much of a reason for you to buy insurance now since you're single and have no dependents.)
CNN Money
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As the American Farmers and Ranchers Insurance Company expands into 24 western states, President and CEO Ray L. Wulf, AFR Executives and Members of the AFR Board of Directors met Idaho Governor Butch Otter and Idaho Department of Insurance Director Bill Deal to express their appreciation during the week of August 18th...
