Do I Need Whole Life Insurance?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 4 June 2019
⏱️ 13 minutes
🧾️ Download transcript
Summary
If you're a regular listener you know that one of my pet peeves, maybe my #1 pet peeve, is when sales reps try to sell unnecessary products to their clients. Thankfully Bill from Buffalo has a good BS detector.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call of the Week. We are presented by Marcus by |
| 0:08.2 | Goldman Sachs. If you would like to come on the air and ask any financial question that's been bugging you, keeping you up at night, |
| 0:15.8 | getting you wandering in your daytime thoughts, just send us an email. |
| 0:20.0 | Ask Jill at Jill on Money.com. |
| 0:23.4 | That's what Bill did. |
| 0:24.5 | Bill is calling from Buffalo. |
| 0:26.6 | Hello, Bill. |
| 0:27.7 | Welcome to the program. |
| 0:28.8 | What can I do for you? |
| 0:30.3 | Thanks, Jill. |
| 0:31.3 | Well, I just have some concerns. My wife and I just have some basic retirement accounts, but we decided to meet with the person who manages my 401k and just get some advice. |
| 0:47.0 | She's, excuse me, just giving this to my two-year-old son here. |
| 0:51.0 | Well, listen, two-year-old son takes precedence. |
| 0:53.2 | So let's make sure the kid gets what he needs. |
| 0:56.2 | Yeah, there he goes. |
| 0:57.4 | She was suggesting for some retirement planning that we look at a whole life policy to use as a sort of a volatility buffer as a non-correlated |
| 1:09.1 | asset against the stock market and integrating that with my wife's 403b and pension in addition to my |
| 1:16.6 | 401k. Everything that I've been looking at online just sort of seems to advise against that |
| 1:22.4 | with the fees involved and the low rate of return. |
| 1:26.9 | I just wasn't sure if that was a good idea. |
| 1:29.2 | Okay, so very odd idea. First, let's go back. Tell me about yourself. How old are you? |
| 1:37.0 | I am 46. How old is your spouse? 38. And you have a two yearold and any other kids? No, but possibly another one sometime soon. |
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