When did you buy/invest in a whole life policy and what was your reason for doing so (why)?
– I was advised by financial advisor in 2008 that one item missing from our total financial planning was a whole life policy. We had been advised that this was another way to not only ensure our kids were looked after when we passed but that it would also build up a cash value that at some future point we could borrow against to supplement our retirement income. My wife and I both liked the idea of leaving the kids a nice nest egg after we passed as the guaranteed death benefit grows each year. We also chose the “second to die” option as this kept the premiums lower and also fit with what we were trying to accomplish.
Did you look at other options such as Term Insurance and if so why did you choose a whole life plan?