Not so much, according to a survey from Guardian Life. The survey showed that consumers under 40 are opting for whole life insurance over other types of policies due to their desire to be financially secure.
The survey showed that 35 percent of the respondents under 40 also preferred to pay their premiums as fast as possible versus the traditional lifetime payment schedule. The No. 1 motivating factor (72 percent for those under 40) for the purchase of whole life was the desire to protect their families. The No. 2 reason for all age groups was whole life’s guaranteed cash value.
Those under 40 also said they had considered mutual funds, CDs, stocks and other life products before opting for the whole life, with 54 percent seeing whole life as a reliable retirement income supplement.
Perhaps now is the right time for you to review your insurance and financial portfolio to include whole life insurance as one of your choices for safety, security and guarantees.