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Whole life policy when im 22?

I'm 22 and i got a whole life policy at about 200 a month. I don't know if i did the right decision. I figure i get a better rate when im young and in 20 years i don't have to get life insurance and worry about it. Should i be saving this money instead of paying for life insurance at this age? I have a stable job and can afford it. What do you think?

Public Comments

1. If you feel the need for life insurance, then buy term life insurance. The difference in premium between whole and term should be saved. You're making a life insurance agent and his life insurance company richer at your expense.
2. A very big waste of money. If you need insurance at all it will be to cover something like raising children so in 20 years the need is gone. Term you could get a much larger policy for less money. Then in 20 years you should own a home, finished raising children and on your way to saving for retirement. Then if you die your wife will be already working and will have a reasonable house payment. Your investments could pay for the funeral. Two hundred a month put in your ROTH IRA instead could be a fortune in 20 years. I am 61 and gave up my whole live policy when I was under 35 because my assets were enough to pay for a funeral and I don't have dependents. Paying anything a month is too much to make someone rich when I die. My youngest sibling is 60 and his kids are 36-39 so when I die in 25 years they better not be counting on my insurance.
3. It just depends but I would have gotten a Universal Life. It has the same benefits of whole life but cheaper. Or I would have chosen a policy that build money with a guaranteed rate of 4% and go up with time. They a very good company in San Antonio CICA Life they with the $200 you are paying in 20 years you would have a good retirement. It is a policy that has enough to bury you but it is really for while you are still living. It has 3 benefits death benefits, cash, and an annuity.
4. Whole life is a HUGE waste of money. Get a 30 year term policy or something.
5. There are better cash value policies than a whole life policy. A 30 year term is nice if you won't need insurance past 52. I'd consider a return of premium term or another form of cash value policy. The return on a whole life policy over 20 years is about 2-3%, BUT you're not buying one for an investment. You're buying it because you want insurance to last forever.
6. What's the POINT of the policy? What's the GOAL? If it's just to own it for the sake of owning it, then I'd expect you to go out to Home Depot and buy every power tool they sell - it will be cheaper now, then later. If there's no GOAL for the insurance to accomplish, there's no POINT to having it.
7. Your wasting your money. Some other posters are right here when they say buy a 30 year term life insurance and put the difference into an IRA or an investment. Life Insurance is NOT an investment.
8. I disagree with everyone, I think if you choose a good insurance company you made a great decision, it is a forced savings and the returns are guaranteed, those people that have invested in the market are down anywhere from 40-50 percent, those in cash value whole life are sitting pretty with no lose what so ever. Keep it you wont be sorry. Those people that buy term and invest the rest are throwing money away and losing money on there investments! LOSE LOSE