How do you gys feel about using whole life as a long term savings account and cash flow account. i.e. use it to buy a car and stop from paying the bank interest?

Hello and thank you for your inquiry.

The short answer to your question is this: Whole Life can be used as a long term savings account under a number of specific conditions. First, you should have a long time horizon before accessing the cash. Second, premiums must be paid on a regular basis because it is a fixed premium product. Third, remember that life insurance has fixed expenses such as mortality charges and taxes; therefore, be mindful of your net return.

Regards,

Steve

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As an independent life insurance broker, I will gladly answer your consumer questions about life insurance. Please contact me by email (skobrin@stevenkobrin.com) or by toll-free telephone (1-866-633-1818). Thank you.