I just had a meeting with a financial planner. He’s trying to sell me a Permanent life insurance policy.
The premiums are $45000 for the first 7 years. Then no premiums. Benefit amount is about $500k. The policy can be used for Long term care and or death benefit. I can’t the reference where Clark talked about this type of insurance but it seems very expensive. Is this a scam or someone trying to sell me overpriced insurance?
There is a time and place for Permanent insurance, but giving a carrier $315K to get a death benefit of only $500K seems a little high unless you are rather old and/or unhealthy. Without knowing all your details about age, health, and what you are trying to accomplish, there is no way to comment or advise.
Is it perhaps an IUL policy with a rider? Is is a LTC hybrid? Who might the carrier be?
In general, buying insurance from a financial planner is likely not in your best interest. He may be just looking at huge commissions, as opposed to your best interest.
Thanks. That was my thought as well. It is a LTC hybrid but I don’t see spending $300k for a $500k policy. My wife does have health issues so he’s trying to cover me in the event of her death. The policy can be used for LTC and or death benefit but it seems very expensive. Appreciate your input.