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Is lawsuit protection a reason to get whole life insurance?

Whole life insurance seems like a total ripoff. It's a terrible investment, comes with tons of fees, and it's not really that great of a tax deferred investment. However, I'm in a high risk profession from a liability standpoint and I hear that in Texas whole life cash value is protected from lawsuits. Is this a good enough reason to invest in whole life?

Public Comments

1. Creditor protection is one reason to purchase cash value life insurance but it should not be your main reason. It's more of a side benefit. Some states give you the same benefit from an annuity which may give you more competitive returns. I do, however, have to disagree with the rest of your statements that you made in your question. OJ Simpson is probably the most well known example of a person using cash value life insurance to secure his financial future. That's why he can still own a nice house in Florida and play golf all the time. He has plenty of money that his creditors can't touch because it's in life insurance. I'm pretty sure he's not complaining about it being a ripoff, terrible investment or the fees. I'm also guessing he's enjoying the tax deferral. Please let me know if you have any questions.