Woodrow, no financial planner worth his pay would recommend whole life as a investment, which is what it is. Term life is insurance , whole life is a way insurance companies make even more money off you and give you a very small cut of what THEY make off your money in ....wait for it...The Stock Market.
5% off your investments annualy is terrible, even in a off market you could double that with little effort. A motto to live by in the market , I learned the hard way. ''When everyone's bailing out, you get in..When everyone's getting in get ready to get out, a correction is right around the corner''.
Even with the ''financial collapse'' ,,,cough ..cough (invented by democrats), but that's neithe rhere nor there, people have re-couped all their losses plus ...IF they stayed the course
Not surprisingly you mis-read my post. I did not say my partner recommended whole life as an investment. I just said that as part of overall financial planning, whole life has a place, and if LK bought it when he was young, it may turn out to be a good value for the money, especially compared to purchasing new life insurance now.
Any person who is taking an honest look at their financial picture will understand that insurance can and does play an important role in creating security for your family.
I frequently recommend to my estate planning clients, that they consider life insurance sufficient at a minimum, to cover their debts, so they will leave their surviving family debt free. Also disability insurance is very important to a person's long term financial security. Anyone with a decent job and a family to take care of, should consider disability insurance. A good policy can cost as little as $100 per month and give you full income for life (with inflation adjustments), in the event you become totally disabled.
So, for example, if you purchase term life insurance of $500,000 for $150 per month, and die within 10 years, your family will be leagues ahead of where you would have been had you put the $150 per month into investments.
And if you buy whole life insurance and let its cash value grow, you can borrow against it in the future, and never have to repay a thing, and your family can still get the full life insurance benefit when you die. My business partner told me his life insurance was by far the best investment he has made in his 40 years of investing. He had the security of a life insurance policy, then he put his son through college by borrowing against it, then he borrowed even more when he got cancer. And now, the policy still has the full death benefit.
So I would suggest any financial planner who is not recommending insurance as part of the overall picture has his head up his a$$, or is simply trying to sell products that generate the financial planner better commissions.