“If you are single with no dependents, don’t buy life insurance.”
– Charles Givens, More Wealth without Risk
“Term insurance is the best buy financially. We give it our value-oriented money-planning award in the insurance area. It enables you to compare policies very easily and gives you more flexibility to shift or to vary amounts of coverage. We recommend it over whole life insurance for the majority of our clients.”
– Lewis and Karen Altfest, Lew Altfest Answers Almost All Your Questions about Money
“In my opinion, there is only one kind of life insurance that makes sense for the vast majority of us: term life insurance. When you sign up for term insurance, you’re buying a just-in-case policy for a finite length of time.”
– Suze Orman, the Road to Wealth
“Term life insurance, like most other forms of insurance, is pure insurance protection and the best way to go for the vast majority of people”.
– Eric Tyson, Let’s Get Real About Money
“Commissions for term insurance are much lower than those for whole life insurance, which can create more incentive for an agent to recommend whole life insurance; profits on whole life insurance policies are generally larger as well.”
– Lewis and Karen Altfest, Lew Altfest Answers Almost All Your Questions about Money
“Never buy life insurance on children.”
– Charles Givens, More Wealth without Risk
“Those in the insurance business, insurance companies and agents, who sell their products and earn commissions, have a bias in favor of cash value life insurance. The reasons are pretty simple. Cash value life insurance costs a lot more and provides far, far greater profits for insurance companies and commissions to the agents who sell it.”
– Eric Tyson, Let’s Get Real About Money
“For almost 70 years, the life insurance industry has been a smug sacred cow feeding the public a steady line of sacred bull.”
– Ralph Nadar, consumer advocate
“Life insurance is important, but not when it comes to investing, and anyone who says otherwise is a liar.”
– Ric Edelman, the Lies about Money
“We don’t like to categorize whole life insurance as an investment vehicle, because the cash value built up through yearly investing is not paid out at death, only the face amount of insurance in force upon the insured’s death goes to the beneficiary. Any loans of cash value are deducted from the death proceeds.”
– Lewis and Karen Altfest, Lew Altfest Answers Almost All Your Questions about Money
“How would I buy life insurance? I would start with low-cost term insurance, expecting to cancel it when I retire or when my kids are grown and my spouse is self-supporting. I’d find the insurer through a quote service. I’d build up investments somewhere else, in retirement funds, stock-owning mutual funds, Treasury securities and real estate, to guarantee my security. I would buy no life insurance on any of my children.”
– Jane Bryant Quinn, Making the Most of Your Money
