Quote:
Originally Posted by Cflames_12.5
I could be crazy but I went with a universal life insurance policy. From my limit understanding of it. It is a life insurance as well as a savings account. It matures when I'm 55 and I can take out all the money I have saved and at that point it has compounded enough interest that it starts to pay for it's self. If I don't withdraw it until I'm say 96 it will be worth some ridiculous amount like 9 mil.
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Well you want to be careful here; the illustration might allude to those figures, but they're not guaranteed and it depends on the interest rate used for the projections. Also, and maybe its just your explanation, but if you take out all the money at 55 then you have to continue paying premiums, or surrender the contract. I can't see how you could withdraw everything and have it funded....but maybe I misunderstood what you are saying here.