Absolutely not!
a) whole life insurance is a rip off.
b) financially I will be better off not paying the insurance as it would only be used to pay for funeral expenses.
We only have life ins on Mrs and myself - and that is for the purpose of paying off any outstanding mortgages should one of us pass. Basically - we have enough that the surviving spouse can continue to live in the same house in the same financial situation.
There is no such need to replace income with the kids. Thus, we'll encourage them to get life insurance when they have a family also, so that they protect their family from loss of income.
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here's Dave Ramsey's take on whole/cash value insurance policies.
http://www.daveramsey.com/articles/article/articleID/the-...
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Reading some of the responses - I just want to point out that my wife just recently cashed in her whole life policy that her parents bought when she was a baby. Almost 30 years of "investing" - Let's estimate 20 years of payments at $50 per year is $1,000 spent on insurance.
We got $400 something on the cash out.
That's not to even mention that you could have had in your savings $1,970 at just 3% return if you just put that same money in savings (I used the investment calculator on Dave Ramsey's website).
I'd much rather have cashed out $2k rather than $400. Even buying term would be a better option if you feel you need to protect against funeral expenses