My insurance company, State Farm, likes to call me a couple times a year and push whole life insurance. Not only do they use up my cell phone minutes but they act like I am totally crazy for not having whole life. I don't like it. I have my own term life insurance and I am perfectly happy with it. I am following Dave Ramsey's idea of building my own wealth so that I will be self insured by the time my term insurance runs out.
The agent asked me if I had children. Nope. Just a cat. I should set up a trust fund for my cat. There is a local cat shelter that will take care of cats for the rest of their lives for a donation of a couple thousand. She's an anti-social cat. I wonder if she could get a private room?
Then the agent suggested that I should get mortgage insurance to pay my mortgage for me. No thanks. I only owe $66,000 now and it is decreasing rapidly. My relatives would sell the house anyway and there is enough equity so that it could sell for an attractive price. No. Mortgage insurance is of no interest to me.
I think I have a good plan without whole life insurance. If I get married and have kids one day, the family should be adequately covered. And if I never have a family...I will have one rich cat!