How many times do you get unwanted snail mail solicitations and wish there was something you could do to stop the waste of paper and your time required to shred and dispose of the unwanted junk mail? In this age of Identity Theft, one is required to shred and dispose of mountains of crap that fill our mail boxes daily!
We received something like this from TIAA CREF. Their financial services department tried to sell us something without bothering to really describe what is was they were trying to peddle! They gave us a price schedule and a list of requirements we would have to meet before purchasing this product, but they never really described what it was we would be purchasing.
TIAA CREF was trying to sell us a product called term life insurance. We have all heard of life insurance. You know that stuff where spouses are always killing each other so they can try and collect it? Anyways, there was nothing in the solicitation that really described the difference between plain ole life insurance and term life insurance. I guess everybody knows the difference but me. I have some bad history with TIAA CREF Retirement Services and will never give them a penny of my money again.
I did a little research and found that a term policy is life coverage only. When you die, it pays the face amount of the policy to whoever you listed as the beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. So Whole life insurance seems the way to go, but I still would never buy it from TIAA CREF.
Also to be fair to TIAA-CREF, I must mention a customer account of being able to withdraw all their money with absolutely no headaches or resistance from the school teacher retirement plan monolith.