Flat out: with just the information, you’ve provided here. I’d suggest either an IUL or VUL for you (indexed universal life or variable universal life) product and not a whole life one. why? better interest rates over time and flexibility of premium. also, the potential pull outs later could be much greater than anything you’d see in a whole life. Of course, if I were actually sitting with you, those might not be the better options just because of other things; cash flow; your plan for your future; etc., but they most definitely would be on the table for you to explore. However, I’d also be looking at potential health challenges down the road if you were in a straight term and that would be a potential major challenge to term alone.

You could buy term and invest the difference (which is basically what’s going on inside a VUL with added tax benefits that you won’t get if you just do the term and mutual funds routine a lot talk about). However, to get at least similar tax benefits to the VUL, you’d have to invest within a ROTH IRA not a standard IRA or mutual funds. However, another consideration then would be your potential health challenges later in life when you do have a family and/or your term comes up for renewal. Asthma often tends to get worse as you get older as do other things. ten or twenty years from now, if you have decided on a term today, you might well be non-insurable or, if insurable, you will definitely be paying much more.

One other thing many don’t realize in the simple buy term invest the dif routine is that at some point you may well be making more money either individually or as a family than is allowed for you to contribute to either a ROTH IRA or IRA. Then what? You’re also limited to maximum yearly contributions within the ROTH IRA or IRA. within a VUL or even IUL, you can pretty much structure what you need.

Are either of these the be-all and end-all? Nope. but they are choices and options that many won’t discuss (because they’re not licensed to or because they never have heard of them, because they can’t afford to talk to someone licensed who actually understands them and how they can be used.

I don’t want you taking anyone’s advice strictly from a site like this (not even my own). do some accurate research. go to your library and check out Ben Baldwin’s book: “New Life Insurance Investment Advisor: Achieving Financial Security for You and your Family through Today’s Insurance Products” See for yourself.

You sound like a smart young man who’s venturing into waters that can easily get muddy (look at some of the answers here). Baldwin’s book is one of the best for taking a subject and making it fairly easy to understand and he’s not pushing any one thing or company.

I am a male age 20 and in perfect health only with asthma and …