Whole Life Insurance

[Lyythine]

Not to beat a dead horse, but I totally agree with the other posters.  Term life - universal is a waste and only helps the seller. 

Also, I am not against term insurance for young folks when there are large expenses such as student loans, etc:  That being said, I wouldnt go for a 30 year term policy at 24, but that is just my opinion.

[kayvee_]

Do you guys have any links where i can read up on this? I was thinking about life insurance yesterday and found this thread. 

I figure with mortgage coming up and existing student loans, if anything happens to me, my family wont have to come out of pocket in the future. I am 32 with no kids.

[Anonymous]

I agree with what others have said, if you are thinking of getting Whole Life then get it for the insurance aspect. It is great to lock in a rate when you are young and insurable. I personally took out a $100k VUL last year at 25 and I only pay $12 a month for the insurance. I do put in $50 a month so there is some cash balance. The main reason I did this is A) rate is much lower when younger and B) you don't know what may happen in your life and suddenly you will not be able to take out a new policy, or it will be very very expensive. There are some advantages to the cash balance when it comes to investments, but I would definitely look elsewhere.

Also, as others have said be sure you use a fee based advisor. Or someone you truly trust.