Should I Buy Permanent Life Insurance May 2026

: You have already maximized contributions to 401(k)s and IRAs and want a tax-advantaged vehicle for additional wealth. When You SHOULD NOT Buy It

: If your main goal is protecting your kids until they finish college or paying off a 30-year mortgage, term life is a better fit. 📊 Quick Comparison: Permanent vs. Term Permanent (Whole/Universal) Duration Lasts your entire life Lasts 10, 20, or 30 years Cost Significantly higher Low and affordable Cash Value Yes (grows tax-deferred) Best For Estate planning/High net worth Income replacement during working years should i buy permanent life insurance

: Experts like Dave Ramsey and Suze Orman argue that the extra money spent on premiums would grow faster if invested directly in a low-cost index fund. : You have already maximized contributions to 401(k)s