Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
This can vary depending on the need for the life insurance. In general, it's better to buy it at a younger age than an older age as it will have more time for the cash value to grow. Since it's a whole life policy, the premiums will remain guaranteed for life.
If it's a participating whole life policy, you may have the option to use dividends to increase the death benefit and/or lower your premiums over time. If you are only concerned about the death benefit and not the cash value, you may also want to consider a guaranteed universal life policy to maximize the death benefit while keeping the premiums to it's lowest levels (this is generally more advantageous for older individuals).
Living Debt Free & Truly Wealthy, The found money specialist, United States
As soon as possible. If you want to protect your assets like your house, any debt or taxes owed if something should happen to you. Last thing you want to do is have a financial burden on your family.
If your looking at saving for the future, specifically retirement planning, than life insurance is a great product to have.
Tax deferred and tax free are two of the most important things you want to know and understand. If you mixed that earning a rate of return on your money, and compound interest than you have the best of three worlds. Saving, interest, earning interest on top of the interest you just earned while having it all be tax free.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
You should buy a whole life policy as soon as you determine how much protection you will require for the balance of your life. Some responsibilities come and go, but several remain. Final expenses remain, bequests remain, charitable giving remains, and many other personal reasons remain. Buy the whole life you know that you need now and lock in the lowest possible rate.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
When should you buy whole life insurance? When you are as young as possible and as healthy as possible. Whole life insurance locks in the cost, gives you back your premiums with additional gain over time and can provide a growing death benefit along the way.
The biggest reason for me was control. The insured controls the policy. It's yours, they can't take it away, they can't raise the price, they can't reduce your cash values. It's yours. YOU own it.
.JPG){kind=avatar}
If it's a participating whole life policy, you may have the option to use dividends to increase the death benefit and/or lower your premiums over time. If you are only concerned about the death benefit and not the cash value, you may also want to consider a guaranteed universal life policy to maximize the death benefit while keeping the premiums to it's lowest levels (this is generally more advantageous for older individuals).
If your looking at saving for the future, specifically retirement planning, than life insurance is a great product to have.
Tax deferred and tax free are two of the most important things you want to know and understand. If you mixed that earning a rate of return on your money, and compound interest than you have the best of three worlds. Saving, interest, earning interest on top of the interest you just earned while having it all be tax free.
Actually the best of 4 worlds lol.
The biggest reason for me was control. The insured controls the policy. It's yours, they can't take it away, they can't raise the price, they can't reduce your cash values. It's yours. YOU own it.