I observed a lot of people stating whole life insurance is dumb WTC, but why? I’m 21 M and 280 pounds, so I’m not entirely overweight. Would whole life insurance be a decent choice for me? According to how whole life insurance operates, you pay a monthly premium of $400k for a plan that, at your death, transfers to your family.
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Whole life offers assured annual increase of cash values free from market risk, unlike any other asset class, yes it can be right for but the decision depends on your individual situation and financial goals. Whole life insurance can be a valuable product for some, but it’s important to carefully weigh the benefits and drawbacks.
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Whole life insurance premiums are typically much higher than term life insurance for the same coverage amount. For a young person like yourself, the cost of whole life insurance can be prohibitively expensive compared to term life insurance
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Whole life insurance policies are inflexible compared to term life insurance. If your financial needs or circumstances change, you may find it challenging to adjust
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