Let's Talk Life Insurance

[Melvinb]

I've got this lady breathing down my neck to buy life insurance while I'm "still young." She claims this will be one of the best investments I can make but after reading around the net I'm not convinced.

I'm really not that interested in term insurance at this point in my life. I don't have any dependents or a huge mortgage or anything like that. Whole life sounded like a good option for me based on the investment potential, but when doing some research, I'm thinking there could be much better options.

The only real thing that I like about whole life is that if I pay like $250-$300/mo for 10 years, theoretically I could stop paying and let the dividends take over. Then I can decide if I want to cash out at age 65 (or higher) or if I want to just let my future dependents reap the benefits.

Anyone have any thoughts on the subject? I'd like to hear opinions that aren't coming from a commissioned sales rep.

[caliotter3]

If you have no family that depends on you, there is no need for life insurance. That money would be better spent by investing it or simply putting it into a savings product other than life insurance. That is what I have read in the past.

[IndianaRN2011]

A life insurance agent (broker) that is licensed with many companies will usually present several type of products and companies, depending upon how you want to use your life insurance purchase. Some agents may be licensed with one company and may only present that company's products. I have found it to be more expensive to purchase a policy as I've gotten older. I've also considered the possibility that we never know when our health may change, and some conditions will increase premiums or could possibly make a person uninsurable. Good luck!