conversation: User (KidDanielB): "I'm asking for logical unbiased opinions on pros/cons of buying whole life insurance. \n\nBackstory: A friend approached me about buying whole life insurance with him and his company (New York Life). I have no reason to believe he is being deceptive. There has been no sense of urgency or pushiness to buy. \n\nDetails: 25 year old single male, annual income ~100k, no student loans, no debt. Max out Roth IRA each year, contribute 5% of income to 401k which employer matches. Also have a vanguard mutual fund I contribute to. ~20k in savings. \n\nWhole life plan details: Whole life policy with New York Life ($275,000 coverage) including a chronic care rider and disability waiver of premium. I was quoted at $195 monthly premium. (I have more details if needed).\n\nI see a ton of hate on here about whole life and I'm trying to understand why. Based on the above why is this such a bad idea for me? I have money that is otherwise sitting in a checking account with virtually 0 interest. \n\nGenuinely trying to understand why. Thanks in advance. "
  Self: "Term versus Whole - this topic has been covered 100 times on this sub - wiki attached : \n\nhttps://www.reddit.com/r/personalfinance/wiki/insurance#wiki_what_are_some_past_discussions_of_whole_life_on_this_subreddit.3F"
  