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Whole life insurance policy and borrowing from it?

Hi. I am 26. I am interested in getting a whole life insurance policy. Why I am thinking whole life, is so I can borrow from it in maybe 10 or 20 years. I am seeking around $400,000. How do I figure what the cash value would be in 5 years, 10 years etc., I need a chart!

Public Comments

1. Ask any life insurance agent.
2. The agent you buy the policy from can give you a projection of the cash value at 10 and 20 years. It will not be close to the $400k limit but will be a percentage of what you payed in at the time of the loan.
3. Whole life insurance is NOT an investment. After all why would you have to borrow your own money and pay interest to borrow your own money. Find a real investment. Speak to an investment advisor. Life Insurance is not an investment.
4. Why not just get a savings account? You'll have more money in there in 5 years and 10 years for sure. At 20 years....it'll be close. Then you can put and take at will. If you stick money in your mattress, then you won't pay any tax on it when you withdraw it. If you need insurance, then buy insurance. If you want coverage for 30 years then buy a 30 year term (or return of premium term). And, if you want coverage forever then look into a guaranteed premium universal life. There's other NO reason to buy a whole life with the INTENTION of borrowing from it. It's a nice option if you determine that's the coverage for you, but you're not going to put yourself in some sort of advantage by doing so.