There are many people who get duped annually on whole life insurance. Don't get this wrong if you want to overpay for death benefit that goes to your family then Whole Life has merit. However, don't ever get seduced to thinking it has any serious cash build up and that you'll have all kinds of money tax free.
Life insurance is one of the last great tax-free strategies for an uncertain tomorrow on retirement. Under the tax code we can put money away tax deferred and take that accumulation out tax-free. It gets even better if the policy is linked to one of the indexes like the S&P500 which is the benchmark for all investments and fund managers try to stay on track with it.
For most people they would be best served to take out a 15, 20 or 30 year term policy and just lock in the rate as young as possible and while you're in good health. Insurance can be a great vehicle despite what some of the guru financial planners say when they state it is horrible. Do you think a business owner with partners and one dies and they face having the spouse as a new partner appreciates the cost of life insurance? I can tell you they love that because dealing with a spouse or trying to buy them out can go to court and get real costly in a hurry. Business owners need a buy/sell agreement funded with life insurance or they are missing a critical tool for business and acting like novices.
Term Insurance is so costless and can pay to keep your family stable if you go down, it can pay to put your kids through college or it can even absorb the cost to bury your body. I hate to be morbid but your body has to be properly disposed of and you can't just say “I don't care when I'm gone.” Why place the financial burden on your family to struggle and try to find a way just to send you off when you can take care of that from $10 to $30 per month.
If you are serious about finding out how much life insurance you need, how much it will cost then we invite you to connect with us and we'll help you since we have access to over 200 carriers and many have some great prices that will NOT cut into your monthly cash flow and stop you from being responsible.