So here is what a financial adviser is trying to sell me (yes, I'm sure he will make a fat profit off it):
Purchase a whole life insurance policy from Mass Mutual...
This would cost me $36,000/year for 7 years (2,000/mo goes to investing, 1000/mo to my death benefit)...
In year 8 until I croak I would get a payout of $14,110/yr which is tax free...
The payments are guaranteed according to their contract whatever that is worth as long as the business is viable...
I have no dependents yet or wife or spouse and I'm 35 years old. So the death benefit really wouldn't help me but the payout is making me drool.
A little about me...
I'm in the high income range, grossing a little over 300k...
I max out my 401k...
I max out an IRA which I convert end of the year...
I also put away another $33,500/yr in a Keogh plan which is like a SEP-IRA from my company...
thoughts?