Financial advisors licensed to sell whole life insurance often have a motivation to sell it to their clients. The reason results from the generous commissions insurance companies are willing to pay for a whole life policy that is sold. The payout from selling a whole life insurance policy can be as much as 70% of the first year’s premium for an insurance salesperson. A sale might also include 3% or more in further commissions each year a policy remains in force.
Whole life insurance policies are sometimes conveyed to save for retirement or to accumulate cash value. There are some rare instances it can make sense to purchase a whole life insurance policy. However, most people should never purchase whole life insurance strictly for the savings component and there are several reasons why.
This podcast episode talks about why whole life insurance should not generally be used for saving.
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