1. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    You should consider whole life insurance designed for cash accumulation if you are a conservative long term saver who desires the tax advantages of tax deferral and potentially tax free income.
    Answered on July 22, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    If you are purchasing Whole Life insurance for final expense needs, you should have at least $10,000 of coverage. If you are buying Whole Life insurance to borrow from to pay your child's college, you will probably need at least $250,000 of coverage. The amount of Whole Life you should have depends on the purpose for which you are purchasing it.
    Answered on September 2, 2013
  3. 5877 POINTS
    Stan Cox II
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    My advise is to buy as much whole life insurance as you can afford! But first be sure to buy it from a Mutual company that pays dividends and has a "non-direct recognition" for policy loans. For more on this read the short article at https://www.linkedin.com/pulse/direct-non-direct-recognition-stan-cox-ii?trk=prof-post
    As Peggy said above here, depending on what your main purpose and goals are for the policy - that will play into how fast or slowly you'll want to fund it. But for the greatest availability of the benefits inherent with a good whole life policy, and the fasted wealth growth you'll want to fund it as fast as you can without causing it to become a modified endowment contract and thereby loosing much of the tax benefits.
    Answered on October 15, 2015
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