The insurance agent says that you need whole life insurance, because the cash value is so poor that you need to continue paying the premium and be insured for the whole of your lifetime.
If you buy a 25 year term insurance and invest the savings in an indexed fund, you can accumulate sufficient savings over 30 years to stop your life insurance policy. You would have accumulated sufficient savings that will be more than the sum assured. You will not need life insurance any more.
Remember, if you listen to the bad advice of an agent, you will certainly need whole life insurance, because you will never be financially independent. But, if you invest your savings in an indexed fund, you do not need life insurance after 30 years!
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12/05 - 12/12
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