hi i’m a 22 y/o recent college graduate who has been in the workforce for a couple months ths now, and i’m thinking about investing in a Whole Life policy for the cash value.
I’m going back and forth between starting this policy now or waiting a couple years for a few reasons
1) I’m planning on going to grad school in a max of 2 years, and the money I would use to pay for it would go into my policy leaving me to take out student loans w/ high interest + worrying about living costs as I’m planning to go full time.
2) I am not currently maxing out my 401k, Roth IRA, or ESPP, and don’t have investments into mutual/index funds.
My policy would be Whole Life 95 with $1500 premium, allowing PUA till 10k for 25 years, death benefit of $1.2m.
I am thinking it would be best to wait a couple years, finish grad school with minimal debt and then start my policy when I’m 26/27 with a higher earning job as well.
I was hoping if someone could share their thoughts on my situation, and what you would do. Thank you!
I’m going back and forth between starting this policy now or waiting a couple years for a few reasons
1) I’m planning on going to grad school in a max of 2 years, and the money I would use to pay for it would go into my policy leaving me to take out student loans w/ high interest + worrying about living costs as I’m planning to go full time.
2) I am not currently maxing out my 401k, Roth IRA, or ESPP, and don’t have investments into mutual/index funds.
My policy would be Whole Life 95 with $1500 premium, allowing PUA till 10k for 25 years, death benefit of $1.2m.
I am thinking it would be best to wait a couple years, finish grad school with minimal debt and then start my policy when I’m 26/27 with a higher earning job as well.
I was hoping if someone could share their thoughts on my situation, and what you would do. Thank you!