The Fiskerton Curve and its Junctions.
For one, most employees already have health and life insurance from their employers.
So why not just invest the money instead of paying for another life insurance? It might seem like a 2-for-1 deal. Just look at the premiums of a VUL with the premiums of a comparable term life insurance without an investment component. A VUL is more expensive, maybe even considerably more so.
In effect you really are paying for a life insurance and paying for an investment.
First, there are several factors in choosing an investment fund. Lastly, a VUL has two supposed strengths - you get money when you die and you get money when you grow old.
The only "advantage" left is that as life insurance, the money can be claimed without hassle by your beneficiaries. But again, term life is insurance too and enjoys the same benefit.
And if you invest directly in stocks, mutual funds, or UITFs, you can make your beneficiary a secondary on your account. That means that after you use the proceeds from the term life to pay off the estate tax, redeeming or continuing your investments can be as easy as a few clicks of the mouse.
An earlier version of this post implied that simply setting up a secondary will let you avoid estate taxes on your investments. I sincerely apologize to everyone who read the previous version.
It can be just as convenient as claiming your insurance money. A point can be raised abut your secondary withdrawing without your knowledge. But then, beneficiaries are usually spouses, parents, and children. Life is complex, and I readily admit that a VUL can potentially be a decent investment.
After all, personal finance is personal. But If you already bought a VUL, you may want to read my other article: Enter your email address for your free subscription This article is posted under insuranceinvestments.Official website of the Commonwealth of Massachusetts.
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