So I get a text from my brother-in-law the other night "What do you know about life insurance?"
I reply "Don't buy whole life insurance."
He immediately calls me, full of regret. Long story short, he went to a networking event, met a few people, and next thing you know, my brother in law is signed up for a whole life policy. He had already started digging more and began to regret the decision before he called me. This is a guy with no wife and no kids, but occasionally very prone to suggestion.
Luckily he had just pulled the trigger the same day and hadn't even done the physical. Of course when he called to cancel the next day they had him come back in to "sign out" of the policy (aka be subjected to another 20m sales pitch), but thankfully he stuck to his guns and is now ultimately out of the policy without taking a hit.
I'm now encouraging him to open a Roth IRA with Vanguard for his extra cash.
Thanks WCI for helping me to not only help myself, but help out others in the great quest against whole life.
I reply "Don't buy whole life insurance."
He immediately calls me, full of regret. Long story short, he went to a networking event, met a few people, and next thing you know, my brother in law is signed up for a whole life policy. He had already started digging more and began to regret the decision before he called me. This is a guy with no wife and no kids, but occasionally very prone to suggestion.
Luckily he had just pulled the trigger the same day and hadn't even done the physical. Of course when he called to cancel the next day they had him come back in to "sign out" of the policy (aka be subjected to another 20m sales pitch), but thankfully he stuck to his guns and is now ultimately out of the policy without taking a hit.
I'm now encouraging him to open a Roth IRA with Vanguard for his extra cash.
Thanks WCI for helping me to not only help myself, but help out others in the great quest against whole life.

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