Need information on Whole Life Insurance

[smartadam]

Hi, i am 27 years old and am currently based in the Chicago area. I now feel that i need to start investing and some sort of financial planing. First of all, i am looking for a good whole life insurance policy. Only issue is that with the sheer number of options out there in the market, i am confused which one to go for. Also my knowledge of finance is pretty limited so would appreciate any guidance i can get in this matter.

[disneysteve]

99.9% of the time, whole life insurance is a huge rip-off. Why are you considering it?

Are you married? Have any children or anyone else financially dependent upon your income? If not, you don't need life insurance at all. If you do have dependents, term life is what you want to get.

[littleroc02us]

Do you have a friend that is trying to sell you whole life? That stuff is a rip off. Term will give you plenty of insurance for a certain period of years. If you want to invest, try the stock market. If you invest with Vanguard or some mutual fund company such as this, you will be able to invest for retirement without paying some serious fees.

[dczech09]

There are two types of people who will tell you to buy whole life insurance: the people who sell it, and the people who got suckered into it. The salespeople love the lucrative commission and the suckers have to say its a good product as they're dealing with cognitive disonance.

Term life insurance is the way to go. Unless you are doing estate planning, whole life is a total rip. The representative who is trying to sell it will give you some projects, but the projects are really just a marketing tool and nothing more.

Life insurance is sold, not bought. So don't be "sold"

[adyboy]

Well the good thing is that you are interested in starting financial planning. And i always believe the sooner the better, trust me i know. Anyways in your case i would recommend checking out both options for whole life insurance and life insurance in general and taking what seems to be the best fit for you. Don't rush into a decision and take your time. Evaluate the pros and cons of both and make an informed decision. Take care