Can anybody here help an idiot looking for an investment/life insurance policy please ?

Asked by Odysseus (2751

) May 24th, 2009

I’m 29,with my first child due soon, I would like some kind of investment that would pay a substantial lump sum at my retirement age but would also pay out something to my spouse in the event of my early death. I have no idea which is the best way to go,
(I’ve always been the kind of guy that keeps his savings under the matress:-)

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3 Answers

What you are describing is known as a ‘whole life’ policy, and is not considered a good investment. A better track to follow would be to invest in a 401k at work or an IRA on your own for retirement, and buy ‘term life’ insurance instead. In other words, keep your investments separate from your insurance. It might be a good idea to talk to a financial adviser, they can assess your needs and help you decide what to do. If you do, be careful! There are lots of ‘advisers’ that are really just salesmen for one insurance/investment company.

augustlan (47745

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www.fool.com

Trust me, this is currently the best online source for investment advise for investors like you and me…

No BS, no attempts to sell product (except their own newsletters), straight easy to understand talk.

TaoSan (7106

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Do some research on Term Insurance versus Whole Life Insurance and make your choice from that, based on your own life habits. The advice from @augustlan above is correct, but only works if you have the skill to keep up a separate investment plan.

YARNLADY (46379

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