When Should I Get Whole Life Insurance?

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    If you understand the costs of whole life versus other types of coverage and this purchase is suitable for you, I would purchase at a young age. You will also want to investigate the purchase from a mutual company, one whose policy holders own the company. In this way, your policy should qualify for dividends as well as interest.
    Answered on September 22, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is an excellent question! Since the majority of companies will have fixed rates for the policy, it makes sense to purchase it as early as possible. Many times I'm asked - "why should I buy insurance for my kids?", and the answer is this - because kids pass also, and God willing they live long, healthy lives, they will never pay more that what the original premium price is. Many policies will also offer the opportunity to increase their coverage without having to do any underwriting! I hope that helps, thank you for asking!
    Answered on September 27, 2014
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  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    You should buy a whole life insurance policy as soon as you can identify a need for the coverage. Specifically it should be a need that you will not outlive. None of us will outlive final expenses and according to recent evidence these could be substantial. You shouldn’t buy whole life insurance and neglect providing sufficient coverage to meet the current needs of those that you love. This is more important.
    Answered on October 10, 2014
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  4. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    When should I get Whole life insurance? YESTERDAY! Whole life is a product that never gets "cheaper" so as soon as you can, purchase your coverage with what you can afford. This locks the price in and it will never rise, your cash values will never go backwards and most important, it is the ONLY policy you control.
    Answered on October 16, 2015
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