22 year old 20 year Policy, GooD mOVE?

[razorxtr]

What is the name of your state (only U.S. law)? IL

Just got a 20 year term life policy ( 200k )

I can afford it.
Smart move or am i wasting money?

i also have a 401k, IRA retirement account and own some stocks.
Would investing the money into something else be a better option?

I don't like the way stock market is going right now.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[Nativity]

What is the name of your state (only U.S. law)? IL

Just got a 20 year term life policy ( 200k )

I can afford it.
Smart move or am i wasting money?

i also have a 401k, IRA retirement account and own some stocks.
Would investing the money into something else be a better option?

I don't like the way stock market is going right now.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

Moving out of your parent's basement would be one for starters.

 

[Perky]

I'm no insurance expert, and I'm sure I'll be corrected if I'm wrong, but Term Life Insurance isn't an investment tool. It only pays out to your beneficiaries when you die. Is that what you had in mind?

Whole Life policies can be used for investment purposes because their cash value can grow. Term cash value does not.

 

[JustAPal00]

Term is the way to go! If you think you may want to get married and start a family soon, 200k might not be enough. You should have 10 times your annual income. If your single and planning on staying that way, you really don't need a whole lot. Just enough to take care of final expenses and any debts. Term is not an investment. I wouldn't waste your money on whole or variable life either if you're looking for investments. At your age, the stock market is really the place to be for long term growth. It will bounce back!

 

[razorxtr]

Sorry its whole life 20 year not term


I have other investments going for me this is not the only one.
My thinking this can be a cushion and if i get it out of the way not i wont have to pay for insurance if i have a family once my 20 year is over. (I can always increase it later)

 

[razorxtr]

Moving out of your parent's basement would be one for starters.

what makes you think i live with my parents?