Many people buy whole life policies for a simple reason, they want to see some money at the end of it all if they live throughout the policy. Another popular reason for buying whole life policy is that some people see it as a form of forced savings. Basically the penalty to take the money out is so much nobody in the right mind would try to take the money from insurance policy to use it.

While the conventional wisdom of using a whole life insurance policy as a form of forced savings is subject to much debate, we won’t cover that here. Instead, we will focus on how much the insurance policy costs you. Other than comparing premiums, it is important to know how much costs you are paying, that’s because

Money Put In + Returns – Costs = Savings

Basically the money put in is the premiums you ...