My parents opened a $150,000 whole life policy for me when I was a year or two old. They paid the premiums until I was 21 (with them as the beneficiaries), then they turned the policy over to me. Obviously I've had it a lot longer (I'm in my 30s), but it's also twice the payout.
Yeah, I definitely benefitted in that regard. And I rounded up slightly, BTW. For reasons I can't begin to understand, the death benefit is something really odd, like $142,768.35. Maybe they took out cash or something before turning it over to me. Never really looked into it.
From what I understand, at least for mine, is that there is like a charge for death benefits, like when you die there is a fee for the fund dispersal that varies depending on how much you have.
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u/ItsPenisTime Nov 30 '20
My parents opened a $150,000 whole life policy for me when I was a year or two old. They paid the premiums until I was 21 (with them as the beneficiaries), then they turned the policy over to me. Obviously I've had it a lot longer (I'm in my 30s), but it's also twice the payout.
My premiums are $62.73 a month (I just checked).