Needing Advice on Health Insurance/IUL's, Retirement Investing

Hi everyone,

I am a freelance consultant and one of my clients is moving into the life insurance space as a broker. She is trying to convince me that I need an IUL to plan for retirement (for context I currently do not have any retirement plan). I'm wondering if anyone has any actual experience or factual information, that isn't from a sale pitch, on insurance vs more traditional investment types? Or possibly advice on what kind of professional I can speak with that isn't going to give me a sales pitch for a specific type or investment?

Any insight is appreciated! Thank you!

smichalczuk·Aug 14

Hello! My company Predictabill.com helps consumers (often via their employers) select the right health insurance — we are fee-based so we analyze all options and don't take commissions so aren't incentivized to recommend any one insurance product. Personally, I am also a licensed Health & Life Insurance agent, although as mentioned I do not practice or accept commissions.The most important first question is: do you have any dependents?Assuming you are single, equity-indexed universal life ("IUL") could be helpful for you vs. a general retirement account if you'd like to withdraw funds before age 60; however, the method of withdrawal would be through a loan against the policy which you might find quite complex to track. Another potential downside is that if the stock market does very well, you might be required to pay more premiums on the IUL policy so that you don't "lose" the policy completely.You didn't mention it in your post besides in the title, but if you have questions about your health insurance, feel free to sign up for a consult/demo at this link: calendly.com/predictabill/30min.

ashleymeyer·Aug 15

I'm not a financial advisor, just a personal passion and I manage my own finances. I would never recommend or get an IUL. Go for term life insurance (term is cheaper) and take the difference in what you would have paid monthly for a more expensive option and invest it instead (in a Roth IRA if you can or brokerage account).

smichalczuk·Aug 15

True, but that is only relevant to her if she has dependents. She didn't mention a spouse or children in her post, and if that is the case, term life would not be suitable for her. (I could be wrong and she might have a family, just pointing this out since it makes a big difference in the decision!)

elisegatsby·Aug 15

Not too long ago I was briefly very interested in IULs. I did some research and the folks I trusted all said not go to for an IUL. There are both better options for life insurance and investment funds.

KQ·Aug 19

I have a woman I know + trust that advises me. if you're interested, I can connect you with her. she calls herself the financial mary poppins. :)

kennashapiro·Aug 20

Hi KQ, I would love a connection if you feel comfortable!

KQ·Aug 20

Can you inbox me your email? happy to make it!

kennashapiro·Aug 20

Thank you everyone for the advice! I did leave out that I don’t have a spouse or kids (nor plan on having any). It definitely seems like I should explore other options. I appreciate all of the feedback! ❤️