Best Answer

No. Term life is your most economical type of life insurance. The salesman will tell you about the cash value of the whole life policy, but the rate of return is terribly low. Buy a term life policy and put your savings in an IRA, 401K, CD, money market account, Roth or other investment. That is what the insurance company would do with your money, so why not cut out the middleman.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is whole life insurance recommended
Write your answer...
Still have questions?
magnify glass
Related questions

What is the difference between life insurance and whole life insurance?

The key difference between life insurance and whole life insurance is that regular life insurance carries a fixed term while whole life insurance covers one's entire lifetime. Whole life insurance also accumulates a cash value that one can borrow money against.

What is the definition of the term 'whole life insurance'?

A whole life insurance provides coverage for an individual's whole life. A savings components which builds overtime and can be used for wealth accumulation. Whole life is the most basic form of cash value insurance.

Where can one compare term life insurance versus whole life insurance?

There are many places where one can compare term life insurance versus whole life insurance. One can compare term life insurance versus whole life insurance at popular on the web sources such as Wealth Pilgrim and MSN Money.

Where can someone get term or whole life insurance?

One can get term or whole life insurance through various insurance agencies. Some insurance companies that provide term or whole life insurance include MetLife, AAA, and State Farm.

Where can one get whole life insurance?

New York Life if one reputable company which offers whole life insurance. You can apply and receive quotes for whole life insurance policies online or by contacting a representative.

Where can someone go where whole life insurance is explained?

One of the best companies to approach to have whole life Insurance explained is Swinton Insurance. They have offices in many locations and are experts in all aspects of whole life Insurance. Alternatively you could contact Sainsburys or Tesco's who both deal in whole life insurance.

Where can one find an explanation of whole life insurance?

One can find an explanation of whole life insurance at virtually any life insurance company's website or at their company's location. Examples of whole life insurance companies are MetLife, Geico, and Farmers.

How can one define whole life insurance?

Whole life insurance varies from term life insurance because it is valid for the insured's entire life instead of just for a specified amount of time. Whole life insurance typically has premiums due each year.

What are the main differences of term life insurance vs whole life insurance?

A life insurance is only good for life coverage, when you die an amount of money is given. Whole life insurance includes investments you have. Such as stock market.

Do you recommend free life insurance quotes to people over 65?

There are two types of life insurance, whole life insurance and term life insurance. Term life is the best for people over 65 and a free quote is recommended to insure that you get the best value suited to your needs. There are several options available for this and one to try would be to contact your current insurance representative that handles your other insurance accounts.

What types of insurance is also known as ordinary or straight life insurance?

whole life insurance

What benefits does whole life insurance offer?

Although whole life insurance does tend to require payment of a premium every month, it also gives the owner the piece of mind that their premiums will never increase. Whole life insurance programs also offer quite a bit of flexibility if the owner experiences changes in life. For example, if an injury does occur, some or all of the premiums may be paid for you by the company. You may also take money out of your program if needed, however this is not recommended. Overall, there are many benefits to whole life insurance, the purchaser must also take their future plans, income level and potential health risks when making decisions about whole life or term life insurance policies.