For years I have watched the TV ads by Colonial Penn, targeting seniors with guaranteed life insurance. What they are telling you is for about $10.00 a months you would get a $1,000.00 life insurance policy without a medical examination. Here are the hidden facts. If you die within the first three years all of the premiums you have paid will be returned to you with interest. Once past the three year term they will pay $1,000.00 insurance benefit, minus any cash that has accumulated in the policy. So in about five years you have paid in $600.00. The cash value may be about $300.00. If you die at this point you there is $900.00 at stake. So your beneficiary really only gets $100.00. Not a good idea. If you were to live eight years, your beneficiaries would get $1,000.00, however the cash value and the amount you paid would be more than that. Not a good idea.
Wouldnt it be wise to just put your money in a savings account?
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