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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. Retirement accounts like IRA, 401(k), etc. are protected from creditors (except from divorce) as long as assets remain in the account. So smart people usually don't consider more expensive things like variable annuities or whole life insurance to protect assets and defer income unless they have exhausted other means of protected savings. If you are concerned about liability, you should have adequate liability insurance and possibly an umbrella policy. Because there is the possibility that they could attach other assets or future income.
2. It was good enough for OJ Simpson. After everything he still had his variable life insurance policy and his pension.
3. No. LIABILITY insurance is lawsuit protection. Life insurance is DEATH protection. Life insurance is a CRAPPY investment. And I bet that saleman didn't mention that your retirement accounts are also protected from lawsuits here in Texas. If the goal is protecting your assets from lawsuits, you probably need to talk to an estate planner who can set up a trust.
4. no for now you can say that but when it times of need it would answer your question.... it helps me. just like you i was complaining for the big fees but when i encounter an accident it helps me a lot. it pays the whole think. i'll refer you to this article.. read it carefully and links are provided for you to be more educated... http://life-insurance0909.blogspot.com/