Colonial Penn 'whole' life

[XanaDUer2]

That's not the insurance that pays out at death? That would be term life? Commercial seems sneaky. Most ppl want money for final expenses. Thats not whole life?

I don't trust them

[underpants]

1. If you don't smoke Northwestern provided the best whole life return

https://www.nerdwallet.com/l/life-insurance-dsa-3-m

[Abnredleg]

2. They both pay out at death

How does term life insurance work?
Term life insurance typically lasts from 10 to 30 years, depending on how long you want coverage. If you die while your policy is still active, then your beneficiary receives the death benefit payout. Since it lasts for a set period of time, term life is more affordable than permanent life insurance but still offers similar payout amounts.
Term life can also be purchased to supplement whole life insurance during certain life events, such as buying a home. If something were to happen to you, your family could pay off the mortgage with the death benefit from your term policy, leaving the payout from your permanent policy for other expenses.


How does whole life insurance work?
Whole life insurance provides lifelong coverage as long as you pay your premiums. No matter when you die, your beneficiary will receive the death benefit payout. It also has a cash value savings component that builds in value over time, which you can use to pay your premiums or borrow against in the form of a life insurance loan.
Important note: If you withdraw or borrow against your policy's cash value without repaying it, you will reduce the cash value and death benefit of your policy.

[Wounded Bear]

3. The sneaky part is the whole "$9.95" cost line...

That's for what they call one "unit" of coverage, which is generally $1000. Might cover a very basic funeral, but not much else.

Want to pay off debt? Gonna cost you considerably more.

[XanaDUer2]

6. Yeah

As with most things corporate i think its a crock. I'll be passing. I can't imagine what 35k would cost

[Freddie]

4. "No medical exam required" is BS

They check your medical records. I could not get a term life policy for my husband because he has “too many prescriptions.” I was finally able to get one through the temp agency I work for.

[XanaDUer2]

5. That was suspicious

[keithbvadu2]

7. Some policies give back all the premiums if you live beyond the end of the policy.

How can they be so generous?

They purposely overcharge for the policy and get the use of your money for the 10 or 20 years.

If you die within the time, they make money.

If you don't die, you get only the premiums back but they still made money from investing it.

https://www.aflac.com/resources/life-insurance/return-of-premium-life-insurance.aspx

[XanaDUer2]

8. Thank you

I'm passing

[kimbutgar]

9. Whenever I see tv commercials advertising investments and insurance on Tv I will not do business with

Especially ones with celebrities like Joe Namath and Thom Selleck.