# Permanent life insurance **URL:** \ **Category:** Life Insurance\ **Created:** [February 13, 2023, 11:18pm UTC](https://community.clark.com/t/permanent-life-insurance/2246 "2023-02-13T23:18:05Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![Andy\_Kimmell](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/andy_kimmell/32/1274_2.png) [@Andy\_Kimmell](https://community.clark.com/u/Andy_Kimmell)\ **Post date:** [February 13, 2023, 11:18pm UTC](https://community.clark.com/t/permanent-life-insurance/2246/1 "2023-02-13T23:18:05Z")
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? Thanks, ---
**Author:** ![yankee466](https://avatars.discourse-cdn.com/v4/letter/y/ecd19e/32.png) [@yankee466](https://community.clark.com/u/yankee466)\ **Post date:** [February 14, 2023, 12:04am UTC](https://community.clark.com/t/permanent-life-insurance/2246/2 "2023-02-14T00:04:40Z")
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. ---
**Author:** ![Smartpolitics](https://avatars.discourse-cdn.com/v4/letter/s/65b543/32.png) [@Smartpolitics](https://community.clark.com/u/Smartpolitics)\ **Post date:** [February 14, 2023, 12:45am UTC](https://community.clark.com/t/permanent-life-insurance/2246/3 "2023-02-14T00:45:13Z")
> [@yankee466](#): > > 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. Agreed. I think there’s a $150 service that evaluates life insurance but the LTC rider is terrible I think it depends on what LTC care insurance costs. The cost can be $180,000/yr so a $500k life insurance is chump change ---
**Author:** ![Andy\_Kimmell](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/andy_kimmell/32/1274_2.png) [@Andy\_Kimmell](https://community.clark.com/u/Andy_Kimmell)\ **Post date:** [February 14, 2023, 2:47pm UTC](https://community.clark.com/t/permanent-life-insurance/2246/4 "2023-02-14T14:47:11Z")
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. ---
**Author:** ![Andy\_Kimmell](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/andy_kimmell/32/1274_2.png) [@Andy\_Kimmell](https://community.clark.com/u/Andy_Kimmell)\ **Post date:** [February 14, 2023, 2:50pm UTC](https://community.clark.com/t/permanent-life-insurance/2246/5 "2023-02-14T14:50:01Z")
Thanks. I had forgotten about [https://evaluatelifeinsurance.org](https://evaluatelifeinsurance.org) and policygenius I’ll look in to those. Appreciate your input. 🙂 ---
**Author:** ![Henrius](https://avatars.discourse-cdn.com/v4/letter/h/87869e/32.png) [@Henrius](https://community.clark.com/u/Henrius)\ **Post date:** [February 27, 2023, 1:21am UTC](https://community.clark.com/t/permanent-life-insurance/2246/6 "2023-02-27T01:21:57Z")
Don’t forget that unlike an annuity, there will be no taxes to your heirs on a whole life policy. ---
**Author:** ![Andy\_Kimmell](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/andy_kimmell/32/1274_2.png) [@Andy\_Kimmell](https://community.clark.com/u/Andy_Kimmell)\ **Post date:** [February 27, 2023, 2:29am UTC](https://community.clark.com/t/permanent-life-insurance/2246/7 "2023-02-27T02:29:31Z")
Thanks. That was the selling point but is seems too high a price to pay. ---
**Author:** ![griffithnk](https://avatars.discourse-cdn.com/v4/letter/g/b5e925/32.png) [@griffithnk](https://community.clark.com/u/griffithnk)\ **Post date:** [January 29, 2025, 8:26pm UTC](https://community.clark.com/t/permanent-life-insurance/2246/9 "2025-01-29T20:26:26Z")
I, too, remember Clark mentioning purchasing a type of life insurance with LTC benefits. Can’t find it but he may have changed his mind about purchasing the hybrid. ---
**Author:** ![Smartpolitics](https://avatars.discourse-cdn.com/v4/letter/s/65b543/32.png) [@Smartpolitics](https://community.clark.com/u/Smartpolitics)\ **Post date:** [January 30, 2025, 12:07pm UTC](https://community.clark.com/t/permanent-life-insurance/2246/10 "2025-01-30T12:07:57Z")
It’s junk because the insurance companies actuaries calculated wrong and then asked for a bailout at the expense of consumers The state administrator can give insurance companies the leeway to void a contract and rip off (steal) money from consumers It’s wrong because a consumer paid for a level rate. I’m fine with a policy that uses LIBOR or prime or CPI to make price adjustments if these are specified at the beginning and adhered to