Read what dave ramsey or suze orman (both consumer finance experts with many books and television shows and radio shows dealing with smart consumer finance has to say on the subject. I have enclosed a direct link to the appropriate area on the dave ramsey website for your learning. I have been where you are and an insurance agent calling themselves a financial planner, financial advisor, etc will try to convince you that whole life makes more sense than a lot of other options but this idea is not supported by anyone that is not in the life insurance industry. Meaning anyone whom does not have something to gain and has an education about fincance will tell you term is always to the way to go. You want a term policy for a pretty small amount given your circumstances like a 50,000 policy to cover your burial and maybe leave a little to your family. As your needs change (ie wife kids house etc) you can increase your coverage easily. Then invest as much as you can in your roth IRA as this gives you the greatest tax advantage and makes for a big difference in how much money you get to keep when you start to withdraw. If you still have money left over to invest afterwords you can put it in a mutual fund or Equity indexed fund or otherwise. You will have to be realy careful though because with your youth and lack of financial education there are a lot of so called “professionals” who will in hind sight turn out to be professional pick pocketers and all of those types will attempt to put you in whatever strategy makes them the most money. Call an independant financial advisor and ask specifically if they are in any way connected to or paid any commission from an insurance company or life insurance company and if they say they do or if you believe they do, run to another qualified professional. Always make sure that the advice given to you is backed up by and independant source meaning do your own research of their plan after they give it you. Go to the link below and read up and stay sharp cause the world of professional finance is one filled with a lot of sharks.

Flat out: with just the information, you’ve provided here. I’d suggest either an IUL or VUL for you (indexed universal life or variable universal life) product and not a whole life one. Why? Better interest rates over time and flexibility of premium. Also, the potential pull outs later could be much greater than anything you’d see in a whole life. Of course, if I were actually sitting with you, those might not be the better options just because of other things; cash flow; your plan for your future; etc., but they most definitely would be on the table for you to explore. However, I’d also be looking at potential health challenges down the road if you were in a straight term and that would be a potential major challenge to term alone.

You could buy term and invest the difference (which is basically what’s going on inside a VUL with added tax benefits that you won’t get if you just do the term and mutual funds routine a lot talk about). However, to get at least similar tax benefits to the VUL, you’d have to invest within a ROTH IRA not a standard IRA or mutual funds. However, another consideration then would be your potential health challenges later in life when you do have a family and/or your term comes up for renewal. Asthma often tends to get worse as you get older as do other things. Ten or twenty years from now, if you have decided on a term today, you might well be non-insurable or, if insurable, you will definitely be paying much more.

One other thing many don’t realize in the simple buy term invest the dif routine is that at some point you may well be making more money either individually or as a family than is allowed for you to contribute to either a ROTH IRA or IRA. Then what? You’re also limited to maximum yearly contributions within the ROTH IRA or IRA. Within a VUL or even IUL, you can pretty much structure what you need.

Are either of these the be-all and end-all? Nope. But they are choices and options that many won’t discuss (because they’re not licensed to or because they never have heard of them, because they can’t afford to talk to someone licensed who actually understands them and how they can be used.

I don’t want you taking anyone’s advice strictly from a site like this (not even my own). Do some accurate research. Go to your library and check out Ben Baldwin’s book: “New Life Insurance Investment Advisor: Achieving Financial Security for You and Your Family through Today’s Insurance Products” See for yourself.

You sound like a smart young man who’s venturing into waters that can easily get muddy (look at some of the answers here). Baldwin’s book is one of the best for taking a subject and making it fairly easy to understand and he’s not pushing any one thing or company.

ok look you have asthma so you would be rated now an in the future but at least now you have your youth on your side so you would get lower rates know lock into your rates know an an iul would be good if you were willing to invest heavily but i would look for a universal life policy with a liquidity rider, this rider makes this policy act like a whole life policy but it has the flexible premiums an if an emergency would occur were you needed the money more than the life policy you could get up to 100 percent of your premiums plus any interest. talk to an agent for more details.

It really depends what your goal is for the insurance and what your goals are in yoru life.

Given your age and the details you’ve currently given (no dependents, no assets, etc), little term is all you need right now. However, if you plan on having things in the future and plan on building wealth for yourself, you should look at Whole Life/UL to build a tax shelter while you can get the premiums cheap. Take a look at the “Be Your Own Bank” strategies (I think the american website is http://www.infinatebank.org. Because fo your age, a whole life policy will cost peanuts.

I also agree that Suze Orman and Dave Ramsey are not the people you should be listening too. They have been ‘de-bunked’ several times showin gmuch of their advice is severely flawed (they offer one size fits all advice that should not be a one size fits all product. IE: “Buy Term invest the rest”…ok strategy for some, but not for everyone. What happens if you fall on hard times and have to withdraw the money you’ve invested? Now you have no savings and an insurance policy that is getting more expensive by the day and it will eventually expire. What happens if the market is down when you are “self-insured”…now you’re depending on an asset that is losing you money when you withdraw it…With the returens of todays markets as well, you can’t depend solely on investments anymore. IE#2: “All debts are bad”…wrong again…not all debts are bad…if it’s tax deductible interest then the debt is hardly costing you anything…it’s called leveraging…it’s what ALL successful people have done to get where they are today. There are many other flaws in what they say as well. They are on TV because they are entertaining and charismatic, not becasue they give good advice. Barring any other financial advice at all, they will give you the basics of what you need to know. If you want to succeed financially and not be dependent on other people later on in life, Orman and Ramsey won’t get you there. Orman and Ramsey are there for the people that are too lazy to do their own homework and find people that can help build real wealth, not just barely making it along.

As far as my knowledge,this is a question with various answers,it is really depending on the mind of yourself,providing a great resource here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm for reference though.

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