I just bought some life insurance, and I'm twenty..whole life...$37 monthly...50G,.is this a good investment?

or am i wasting my money....on something thats just there...

i dont care if youve seen better..i just want to know if this ..mine..is a good investment..

no its not!! squash that..and look into it some more..might want to get a professional to help you..shop around carefully! Good Luck

ive seen better like 100,000

Sorry to say,
but that premium is wayyyyy too high
for only $50,000 coverage

I sold life insurance for 2 years.

A 40 yr. old male non-smoker in good health
could buy $100,000 term coverage for about
$10 / month

Whole life insurance is always more expensive
than term. It does have some advantages in
that you lock in premium level at young age,
but as you get older less of your premium will
be going into the investment portion cuz more
will be needed for the actual death benefit.

Whole life is not a good investment tool. Buy term insurance and invest the difference. You will make a lot more money that way.

If you're young and healthy and plan to be around for awhile, then it can be a good investment if after you reach a certain age its paid up. However if you want to invest your money more wisely, you should buy term at a cheaper rate and invest the difference.

I bought life insurance when I was 23. I paid about $34/month for $250,000 coverage. Mine wasn't whole life, but a 30 year Term. While I had Term, I also invested $100/month into mutual funds in my Roth IRA. I'm hoping my IRA value will be bigger than my coverage amount in 30 years.

Anyway, whole life insurance policies are never good investment. You are paying for two things: one is for insurance and the other is for savings or cash value. In the first three years of the policy, no cash value is accumulated. (I don't know why, but that's how they operate).
Rate of return on cash value is usually under 1%.
If you wanted to use the cash value in few years such as buying a home, you would have to borrow it and pay it back with interest.
When you die, all the cash value will be kept by the insurance company and your beneficiary will only get the face amount (minus any loans you taken from cash value).
If you live to Age 98, all cash value will be return to you and you will no longer have life insurance.

To answer your question, you are making a really bad investment. That's great that you have life insurance, but you are better off investing in mutual funds than in an insurance policy (because insurance policies has more fees than mutual funds and that can affect your rate of return in your portfolio)

Whole Life is always more expensive because of the 'savings' component. You are paying for insurance and 'cash value.'

Term Life is 'pure' insurance. There is no cash value, so they charge you less.

P.S. The agent always makes a better commission on Whole Life

No life insurance was NEVER intended to be an investment vehicle, it was intended to provide a death benefit to a beneficiary. Whoever sold this to you as an investment should have their insurance license REVOKED.

No, this is not a good investment. Assume you die when you're 50, you'll get $50,000 for your estate. If you put this in a mutual fund instead, estimating a 9% annual return, you'd have $71,000. If you use the average 12% that is an historical average, you'd have $133,312. If you don't die until you're 60, it's $422,773. 70? $1,321,798.

You need to know, the insurance company is taking your $444, buying a term life insurance policy with it, and investing the rest. In other words, they're going to pay $50,000 if you die when you're 50, and make $83,312 off of you with YOUR MONEY.

At your age, a term life insurance policy should cost less than $100 A YEAR.

Use this money to open a Roth IRA, and contribute to it faithfully, and you'll be a millionaire when you retire.

No one on this message board can tell you what is best for you unless you want to post all of your personal information here. Age, health, income, assets, goals needs, dependents etc. Insurance - any kind of insurance, is just a tool to accomplish a task or a goal. Used correctly, it will accomplish that goal. There are many issues in your financial life and those will change many times over your life.

Go talk to a financial professional about your goals. Expect to pay a fee. Follow that pro's advice.

Good Luck

If you are twenty and you just bought whole life, this is more an investment type of policy for you to keep your whole life. Term would be cheaper and you could afford much higher limits of coverage at your age. It all depends on why you need the insurance and what you are trying to accomplish with your life insurance policy.

Does anyone rely on you for financial support? Do you have debt you want to pay off if you die prematurely?

If not, then it seems this option is more for investment purposes considering the high premium at your age. It will build cash value over time. But, term insurance would be much less expensive for you at your age.

As for the investment side of things, the policy cash value will increase each year. Also, the company may be a mutual life insurance company which pays you dividends on your policy. Is there a guaranteed rate of return on your policy? All these things must be factored into the total return on your policy. And, of course there is the life insurance coverage.

Some policies, such as variable life or universal life may offer you the opportunity for more investment options on the cash value, which in turn may offer higher returns on your money. The opportunity for higher returns also comes with higher risk.

http://www.term-life-online.com

If you are asking a question like that then you need a new agent.

Life insurance is only a good investment when you have the need for a tax deferred investment vehicle.

No, this is not a good investment. It is not what I would do with my money and I am an agent/broker.

Buy term, invest the difference.

You need to find an agent who is going to do what is best for you.

Life insurance can not be sold as an investment. However, having this kind of policy does protect your insurability. What I mean is that you're healthy now, but you may have health issues later in life, which may prevent you from qualifying for any private life insurance policy. Permanent policies do not expire, while term insurance ends at a specific a date. Life insurance is only a piece of your financial puzzle. "Buying term and investing the rest" is a good strategy if you're disciplined enough to really do that.

Bottom line, have some kind of life insurance.

You have to invest in you first . Pay the education first then buy some land and then the whole life insurance. It is gambling and your relatives will benefit.

I think the premium is a little high but that is the price for your Whole Life so it sounds fair and yes you are making a fine investment into your and your family's future