My question is basically if I should be looking at a plan like this at all, as long as I am not taking on higher premiums than I can handle. I'm fairly certain I'm not blatantly getting screwed over by my a sales agent and want some more opinions and didn't know who else to ask.
I'm 21, just graduated with student debt, and the agent aimed the policy at covering most of my debt if I die so my parents don't get screwed. I like that idea, fair enough.
I wouldn't ever want to take out a loan against my policy because that seems seems like something that you would only do if you're drowning and have no other option.
The agent says I can take money out of the pool of money I have put into it and it doesn't take away from the money I get if I die (assuming I don't lapse). This sounds too simple. I would like to know if there is more to it than this. They also said this is tax free which I plan on asking how this is possible (is it possible because I pay income tax on the money I put in the plan?)
Obviously the agent presented this as if it has no downsides, and it would be nice to hear about possible cavetas as I am not too adept in anything financial.
Thank all of you in advance.
Submitted July 25, 2018 at 05:56AM by CRK909 https://ift.tt/2Oezf9r
