Are all whole life insurance policies not insured by the FDIC?
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10 Responses
2.1.2010
Best Answer – Chosen by Voters I'm with Primericaisbad on this one. Any person that tells you there is a one size fits all for insurance is a quack and doesn't fully understand the other products out there including TV personalities like Dave Ramsey, and Suze Orman….(Notice I didn't use the words money guru's? becuase they are not! They are nothing more than a TV personality like Oprah) Those people are in TV becuase they have good strong personalities and don't look good on TV…in other words, they are entertainers…that's it..they've both been debunked NUMEROUS times! Ask their older clientelle about how their "Invest the Rest" in Mutual funds and stocks part is going for them right now…now they have little investments and their term policies are too expensive to keep or are about to expire.Primerica for example is owned by Citibank. Citibank own multi-millions of dollars in whole life policies. If Primerica's advice is so great, why don't they even follow it?Anyway…as mentioned, FDIC only insures banks on deposits. Insurance companies fall under a completely different category. In Canada we can an organization called Assuris that insures insurance contracts and deposits. I don't know if the USA has an organization like taht or not, but if you contact your local insurance counsil or an insurance broker they will be able to advise you which companies are protected and which ones aren't. Source(s): financial advisor
2.1.2010
Most insurance companies have more than enough reserves to pay claims. That's why financially strong insurers are more important than ever. Again, anyone that says JUST to get term insurance and that whole life is "bad" should go back to their upline at Primerica and ask them what financial degrees they hold.
2.1.2010
To answer your question directly, no they are not.If you want your savings to be FDIC insured, here's what I suggest: Get term life insurance instead. Use the 90% savings in monthly premiums to build a savings account in an FDIC insured bank. After 10 years, you'll have more than double what you would have had with a whole life insurance policy.
2.1.2010
Whole Life is only as good as the company that you buy it from. if they go out of business, your only recourse is with your state's insurance commissioner.
2.1.2010
Whole life insurance is not insured by the FDIC but there are individual guarantee funds in most states. Go to a search engine and search Insurance Guarantee Fund in (your state)
2.1.2010
FDIC insures deposits. Life insurance is NOT a deposit. It's not insured by FDIC.
2.1.2010
I'm not a whole life fan. With term insurance you pay for just protection. Then you can invest the money you save in any way you choose.
2.1.2010
None. The FDIC does not insure life policies. It insures bank deposits.
2.1.2010
FDIC insures banks, not insurance companies
2.1.2010
whole life is a bad product. look for term life. Source(s): daveramsey.com