Is it smart to buy a cash-value life insurance policy? I have a term life policy already in my name, but this second policy is to be able to use this cash in 15-20 years.

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Situations in which whole life/cash value insurance is a good idea:
- already maxing out every tax advantaged retirement account and want more tax strategy options
- expect to transfer an extremely large estate upon death and want a way to minimize estate taxes
- you have a disabled dependent that will always rely on your income

Situations in which it is bad:
-everything else

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Please take this advice and not the other answers telling you to go for it. Whole life (or cash value, it has lots of names) is only beneficial for a very small group of people. And most of those people are the "advisors" who sell it.

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My general rule on life insurance is that if they can’t explain all the conditions in 5 minutes or less then they are trying to rip you off.

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Agree with others here - unless it’s for the reasons that D3 mentioned, you’re better off investing the cash for the long hayl. If it’s the life insurance piece you’re looking for, then go for term life.

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Go for it

Only if you have a hard time saving on your own.

NO! I almost got trapped into this. There are tons of fees with using cash value in the end you get a basic savings account and you could have invested in a index fund and gotten more out of it. Life insurance is life insurance that’s it

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