In What’s the Worst Financial Advice You Ever Received? I asked readers to share their personal experiences. My dad shared his worst financial advice and it helped an avid Gain Money Control reader make a better decision about his new life insurance policy.
The blog post comment:
“Buying permanent insurance as a part of a savings plan. I have owned such policies in the past. They typically, offer very low returns for the first five to seven years. It is better to buy term insurance and invest the rest of the premium in a bank savings account which pays a reasonable interest or invest it into a certificate of deposit.”
The reader was in the process of evaluating different whole life insurance policies, but the comment intrigued him to learn more about term life insurance policies. He reached out to his insurance agent for term life insurance and was pleasantly surprised to see the lower premiums. In the end, he compared the benefits of term and whole life insurance policies and selected the best option for his family.
I would like to send a special thank you to those of you who take the time to comment on this blog. Your thoughts and experiences are very helpful to the conversation.
It’s always good to hear from you – the readers. I really appreciate your comments, thoughts and feedback. Feel free to drop me a line anytime.
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