Hello r/personalfinance
Want to preface this post by thanking you all for the good advice I have read over the years (long time lurker).
So without going into too much detail, one of my childhood friends is trying to sell me a Whole Life policy. I am 26 and fairly healthy. Not married, nor do I have children. The policy that has been proposed will cost $1,800 a year (close to 5% of my salary). The reason I am considering such a policy is because, from my understanding, Whole Life can act as a pseudo-savings account (force myself to put money aside for later).
Is this type of policy worth investing in at 26? Is it something I will thank myself for doing later in life? Or will I be kicking myself for investing in something that, ultimately, served no purpose? This is one of the biggest "financial decisions" I have had to make thus far in my life aside from investing in my college education.
Thank you, and I really appreciate any insight provided.
EDIT: Once again, appreciate the wise words. The collective wisdom here is that Whole Life is not something I want or need at this point in my life, and I would be better served investing the money. My friend DID have me fill out an application, and I stupidly went along with it and did so. If NorthWestern chooses to accept my application, am I basically screwed and stuck with this booty whole life policy? Rookie mistake - I probably should have included this in the original post..
Submitted January 03, 2019 at 09:37AM by no_Puzzles_x3 http://bit.ly/2SyjlZ9
