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Thoughts on taking whole life insurance? Been doing reading on the internet but haven’t totally understood the pros/cons. Any insights?

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General advice is to use Term for life insurance and invest the rest outside of Whole (max 401, IRA)

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I have chosen to do term. Basically I look at it like this: I am currently 38 with 4 young children. I only see a need to have life insurance to carry me through my children reaching adulthood. Once I reach 60 I will have a sufficient estate to provide for my wife should I pass. I see no point in carrying increasingly expensive insurance past 60 years old or so. I’ve also never been convinced as to efficacy of whole life as an investment vehicle.

I should also note that I am in no way against insurance. I carry somewhere around 17.5x my base salary. Between that and my savings/retirement my family would be quite well taken care of.

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P1, how much does something like that cost?

Less than $45 a month.

Thx PwC1 - good insights.

Similar to P1. $45/month is great. Mine is $1000/year for $1.5M.

I should mention that mine will be somewhat artificially low as I have VGLI and USAA. Still, less than $100 a month through age 60 to know that my family is taken care of is a pretty good deal in my book.

I was also looking into insurance this week. I was thinking about purchasing Term with Return on Premium. It’s a little more expensive but I like the idea of getting my money back if I don’t use it.

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Tech Mahindra
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