Is Life Insurance A Good Investment?
Your insurance agent will tell you that a whole life insurance investment is the best way to go. It's good for the rest of your life so you will never be without coverage. It’s also good for the agent’s commission.
Your life insurance policy builds cash value and can be used as an investment vehicle. If you ever need money you can take out a loan against your life insurance policy. These all sound like good reasons to make a whole life insurance investment and for many people it is but for some it may be better to go with a term life insurance policy.
Life insurance itself is a very smart move to protect your family but you may want to think twice about a whole life insurance investment. For some people, whole life insurance is a great option but it's not the best for everyone and may not suit every situation. Sometimes term life insurance is the better choice.
You should consult with a financial planner before making your decision but you may be well served by a term life insurance policy and putting the substantial savings off of your premium payments into other investments.