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I have a custom whole life policy from NY Life that I have been funding at 1k a month for 7 years, and my wife has one as well. Mine is a 20 year policy and I think hers is 15 but I’d have to check, and then I can withdraw at 66 for retirement annually. I asked the investor about buying term and investing the rest, he said that’s fine but since I was 35 and had nothing setup for retirement then this was the quickest option. I can cash out, I will lose some invested but I think in the right areas of the market I could gain the losses back in a short period. My issue is I don’t understand finance and it seems everyone I talk to says don’t buy whole life, but when I stress it’s “custom” whole life. No one knows the difference. Can anyone help?
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- 6 months ago
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