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Reply to "Anyone buy whole life insurance for young adult dc?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s inexcusable at their age, and they can borrow against it, right? [/quote] No. Instead buy a 30 year Term Life Insurance policy for a substantial amount and invest the difference into an index fund. Say your WL premium is $1000/m for a $200K insurance and lot of other promises, buy them a $1M policy for $100-150/m and invest the remainder $850-$900 into an index fund. Do that for 30 years and you'll be way ahead of any WL policy. [/quote] I don't disagree...but your numbers are crazy off. Dave Ramsey's example for a healthy 25-year-old male for $1MM of insurance is $234/month for whole life and $29/month for term.[/quote]
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