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I'm 22 y/o and have been offered term life ins. for 30 yrs @ 55.00/mth and ROP 30 yrs @ 87.00/mth Help!?

I'm a healthy 22 year old and have applied for life insurance. I was quoted at 55.00/month for Term Life Insurance at 30 years (1million dollar policy). I have also received a quote for Return of Premium for 30 years at 87.00/month. With such little difference in premium, should I go for ROP so I can recoup all of my money when I'm 52 or just stick with term and invest the 32 dollar difference into a HY Savings account or into my Def. Comp/IRA? I am obtaining this policy due to my involvement in law enforcement and excessive student loans. (*just as an FYI to those inquiring below)

Public Comments

1. Y so much life insurance? If you have to choose, the best financial decision would be term insurance.
2. Why does a 22 year old need life insurance???? Do you have kids?
3. You should get whole life. they have a cash accumulation that you can borrow from if you need to use it, where term there is no accumulation. And you would have it until you die. You wouldn't have to get another insurance when you are older and maybe not as healthy. If you have any money (as little as 5000) you could start an fixed annuity and in a year you could use the interest to pay the yearly premiums. If you don't want to pay that much lower the pay benefit. It would lower the premium.
4. At your age, you should look at getting a whole life policy. Maybe not a Million Dollar one, but at least something. It will be very cheap and at least you'll have something when you are old and grey. You're best bet is to contact in lisensed isnsurance broker that has access to term and whole life and has access to several companies. He will find you the best options to suit your needs and if he's a good advisor he will be able to make an unbiased recommendation and be able to help you with the investing side of things as well. Buy Term and invest the Rest is not for everyone and should not be used as a one size fits all. Most people that promote that strategy soley, either misunderstand how whole life works or just refuse to be honest about it. Suze Ormand included (she's an entertainer, not a good financial planner...she's on TV because she's charismatic and entertaining...just like Jim Cramer). She's been debunked several times. Take a look at this video where she flat out claims that Variable Annuities are useless, then a caller calls in with a good story about them and she backtracks saying their only good if they have a death benefit...guess what Suze...they ALL have a death benefit. There is also a gaurantee on maturity and they don't cost 1.3% more for it...most are lucky to be half a % difference. http://www.youtube.com/watch?v=rd_3nCENMT8. Anyone that quotes Suze Orman as a reliable source automatically loses ALL credibility in my books. She's got some decent general advice, but it's not always accurate and it's never good for EVERYONE like she would lead you to beleive. Read the book "No Salesman Will Call" by Lyle Manery. In this book he takes a critical analisys of the Buy Term and Invest the Rest theory and exposes miscalulations, contraditory statements and misinformation in more than 10 books promoting the strategy.
5. Good question... When you're young it's good to consider ROP (or return of premium). However, most of the time you're better off putting that extra ROP money towards something else. For example, I would encourage you to look at what an extra $32 will do towards a 30 year mortgage. It will probably reduce the term by 10 years or so. This will net/save you way more than on the ROP plan. Because of this I suggest a simple term life plan from a good, A-rated company. Another thought: You didn't mention if you're getting this plan through your law enforcement job. However, I'd encourage you to get your own policy because you never know how long you'll stay with that job. Or you may transfer and have to re-qualify. Lots of people get term coverage when they are young--then they switch jobs when they are older, when term is more expensive. So go with a straight term, apply the ROP towards your mortgage and get your own policy, don't rely on work's term coverage. http://www.texastermlife.com