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Writer misled readers on whole life insurance

A Nov. 12 letter referencing President Obama’s health care policies quickly jumped to a discussion of whole life insurance that was rife with misstatements.

Whole life insurance has a guaranteed premium, cash value and death benefit, since it is a promise to pay a claim that will be experienced by every policy holder. The fact that term insurance is not renewable to life expectancy created the need for whole life.

I have sold and owned whole life insurance for over 25 years. My own policies are currently worth over $86,000 more than I have paid in to date and have never been worth less than the prior year (including 2008-2009, when the stock market declined nearly 50 percent).

I suggest consumers learn how all insurance products and investments fit into a holistic plan by consulting a credentialed, full-time practitioner – not a relative moonlighting for Primerica.

Tony Blasting, CFP, CLU

Past President, Buffalo Chapter,

Society of Financial Service

Professionals, Williamsville