Not so, according to a poll of Guardian Life. The survey showed that consumers under 40 opt for whole life insurance over other types of policies because of their desire to be financially secure.
The survey showed that 35 percent of respondents under 40 also prefer to pay their premiums as fast as possible to the traditional life in payment schedule. The No. 1 motivator (72 percent for those under 40) to purchase whole life was the desire to protect their families. Reason # 2 for all age groups was the guaranteed cash value of any life.
The under 40 also said they had considered mutual funds, CDs, stocks and other life products before opting for life, with 54 percent see all life as a reliable retirement income supplement.
Maybe now is the right time for you to review your insurance and financial portfolio to include whole life insurance as one of your security choices, security and guarantees.
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