Comments on: Ask the Piggy Bank: Life Insurance as Retirement Income?

By: real knowledge

real knowledge — Wed, 08 Apr 2009 21:50:30 +0000

Life insurance is great for retirement if you know how to use it! Meaning you overfund a permanent policy and let it grow for say 20-30 years…this can help with retirment income….please contact a QUALIFIED insurance professional or google the subject….please only advise on what YOU know!!!!

By: miranda

miranda — Mon, 29 Sep 2008 02:15:57 +0000

Thanks for your thoughts, ToughMoneyLove! Relying on insurance for any sort of regular income is chancy at best. It is best used for what it was originally designed for: protecting your loved ones’ financial interests if you should die.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 29 Sep 2008 01:33:50 +0000

I agree that the questioner should get out of the whole life policy. There are some new variable annuity products with living benefits that you can look at and run the numbers but be very skeptical of any insurance based product. In most cases the costs are excessive for what you are getting.