scatteredRubbish
New Member
- 9
I was sold a a whole life insurance policy by a NWM agent about 8 months ago. After a little research I'm not sure if it's something I should hold on to or not and was hoping for some input from some experts. Here is a link to the policies illustration:
A little background on myself: I am 24 year old Software Engineer currently making ~65k and soon moving to a new position making 85k year. I am currently paying $300/month to fund this policy. I am currently contributing 5% to my 401(k), and will be upping that to 8% for the match at my new employer. My 401(k) and WL policy are currently my only forms of retirement savings (No IRA or taxable accounts). In addition, my new employer offers and HSA and ESOP. I also have ~24k in student loans that I pay 500/month to and also a car loan ~14k that I pay 230/month to. I am not yet married, though plan to be in the next ~2-3 years and plan to shortly be engaged. I also have no children. In addition, I am not sure if I necessarily value the death benefit of WL yet or not.
After some research on the web, primarily at /r/personalfinance and the boglehead forums (tried to take the advice with a grain of salt), I'm not quite sure a WL policy is in my best interest currently - though I can definitely see the benefits despite the harsh criticism.
Would it be more beneficial for me to drop my WL policy and contribute to a ROTH IRA and up my contributions to my 401(k) or ESOP and focus more on my debt?
A little background on myself: I am 24 year old Software Engineer currently making ~65k and soon moving to a new position making 85k year. I am currently paying $300/month to fund this policy. I am currently contributing 5% to my 401(k), and will be upping that to 8% for the match at my new employer. My 401(k) and WL policy are currently my only forms of retirement savings (No IRA or taxable accounts). In addition, my new employer offers and HSA and ESOP. I also have ~24k in student loans that I pay 500/month to and also a car loan ~14k that I pay 230/month to. I am not yet married, though plan to be in the next ~2-3 years and plan to shortly be engaged. I also have no children. In addition, I am not sure if I necessarily value the death benefit of WL yet or not.
After some research on the web, primarily at /r/personalfinance and the boglehead forums (tried to take the advice with a grain of salt), I'm not quite sure a WL policy is in my best interest currently - though I can definitely see the benefits despite the harsh criticism.
Would it be more beneficial for me to drop my WL policy and contribute to a ROTH IRA and up my contributions to my 401(k) or ESOP and focus more on my debt?