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Whole Life Insurance.?

Ok, I am thinking about starting to invest into a Whole Life Insurance plan from New York Life. It would cost me around 30-60 dollars a month. I am 18 years old, I currently invest in mutual funds, additional stocks, and bonds. Would investing into the Whole Life be benefitial for me at my age? Or should I continue investing the way I already am, as well as looking for other alternatives. So basically, is investing in Whole Life Insurance at my age going to be any benefitial? With the liquid cash value increase over the years would it be worth it? Give your opinions and why, also other alternatives for a young invester for myself. PS: What is another investment that I can pay monthly, that will benefit me for the future... Minimum of a 5 year investment plan. I would prefer the payment to be around 50 dollars a month, and no higher than an initial 500-1000 dollar initial investment.

Public Comments

1. Life insurance is a lousy "investment." The primary purpose of life insurance is to protect your survivors by replacing your lost income - not return on investment. If investment is your only goal, look elsewhere.
2. No way should u do whole life insurance for investing. If u have no wife or heirs u dont even need life insurance. Continue to invest in mutual funds. Primarily growth, income, and international stocks. Look for long term 10%-12% returns for at least 10 years. If u are working opt for a Roth Ira or 401 k if ur job offers it.