In the end, you’ll still want to enjoy your life while planning for beneficiaries through wills and trusts which is far more affordable. Get Term, supplement any other long term goals with cash savings and other securities by the short term gain of not paying whole life. I ended up switching to a 20 year term policy that covered 1/4 of the payout ($5m to $1m coverage) for just 1% of what I was paying before. In the end I lost about $55k in cash and was a terrible decision that was unnecessarily expensive. It finally caught up to me where the extra 13 years of savings I held in cash in the account was eaten by the monthly minimum requirements to keep the policy active. Here’s what I can tell you about dumping whole life for term:Īfter 13 years of whole life (started when I was 27) the policy was way more than I could have afforded at the time and got duped into the “first year no coverage” scam basically lost everything that first year to start on year 2.Īfter the market crashed in 2008-2009 I couldn’t afford to continue making payments, and even though the policy allowed missing payments by borrowing your own money, they ended up charging interest on those post-tax dollars I was putting in. Collins NH GoCurr圜racker Root of GoodįI Resources: Bogleheads Wiki Related Subreddits: /r/PovertyFIRE /r/LeanishFIRE /r/financialindependence /r/Fire /r/ChubbyFIRE /r/fatFIRE /r/FIREyFemmes/ /r/baristafire/ /r/coastFIRE/ /r/personalfinance /r/personalfinancecanada /r/EuropeFIRE/ /r/fican/ Philosophy /r/stoicism /r/minimalism /r/anticonsumption /r/simpleliving /r/permaculture Housing /r/vandwellers /r/homesteading /r/tinyhouses Transportation /r/lowcar /r/bikecommuting /r/publictransit Food /r/eatcheapandhealthy /r/fitmeals /r/mealprepsundayĮR Blogs: Jacob Fisker's Early Retirement Extreme Mister Money Mustache The Mad FIentist J.L. Only include as much information as you feel comfortable including and the guidelines are not required. LeanFIRE = doing so with household expenses < $50k, or individual expenses < $25kįlair: You can edit your own flair. If you want to retire before 60 with less than $50k in planned yearly household expenses ($25k individual), this is the place to discuss it!įI/RE = Financially Independent / Retired Early
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