I'm a 32m and I've been looking into life insurance policies. I know that nobody really knows the answer since it's dependent on when we die. However, I did this math and want to see if it makes sense.
I found a $1 million dollar policy with a 40 year term for $110 a month. This would cost me $52,800 over the life of the policy.
I also calculated as if I contributed $110/month over 40 years I would have $389,454 (assuming an 8% return per year).
I guess the question is if the additional ~$611,000 worth it?
Any thoughts, maybe $1 million is too much? I also heard that whole life is virtually never worth it, is that accurate?
Submitted June 06, 2023 at 12:22AM by Wichertj https://ift.tt/xWsG91m
