Thoughts on getting whole life insurance? 26M, single.

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The only case I heard where someone effectively argued for whole (over term) was when they had relatively low earning power but needed to find a way to have a large sum of money left at death (whatever age that would be) to ensure sufficient funds to care for a special needs child they did not believe would be able to earn on their own and care for themselves. In that case, whole made sense because they did not believe they would be able to save enough between now and when a term policy would end. I could challenge that assumption, of course, by seeing what the effect would be if they invested the cost difference between a term and whole life policy, but they said it didn’t work out and it wasn’t the place. Assuming their math was correct, whole came out better. Outside of that, if you can earn enough that you would be able to save to take care of yourself and anybody else who may depend on you by the time a term policy runs out, I would recommend that. Just my opinion from research and planning I’ve done, so maybe others have different views.

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If you’re going to do it, do it now. As i’m sure you know it only gets more expensive with age and additional health concerns. The attractor to whole life is the cash value that builds beneath it. After a certain point the cash value it accrues outweighs the payments and you will have another stable source of cash that can be withdrawn in a state where the market may be really unstable or taxes are high. Ultimately up to your goals and intent but that is just one perspective on it.

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The case where I’ve seen it make the most sense is with estate planning as a way to avoid estate taxes since life insurance benefits are not taxed. If you have an estate large enough to be subject to estate taxes purchasing a single pay whole life policy will reduce your estate size while still passing the death benefit on to your beneficiaries.

aka $11.4M

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