<prompt> Human: Im asking for logical unbiased opinions on proscons of buying whole life insurance. Backstory: 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. Details: 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. Whole 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.I see a ton of hate on here about whole life and Im 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. Genuinely trying to understand why. Thanks in advance.  <response>: Heres some reasons why its bad for 99 of people:Heres some reasons why its bad for 99 of people and reasons why its good for 1 of people:It boils down to:1. You personally dont need the insurance aspect since you have no dependents, and if you did term life is much cheaper than whole life for the same coverage.1. Its a complicated product with many gotchas, and is often better on paper than in reality. It can be easily beaten by much simpler investments like a regular brokerage account. A checking account is the wrong comparison here.3. Whole life is very expensive. If you invested the premiums instead assuming 7 inflation adjusted returns, 40-year time horizon youd have around half a million dollars in todays money when you retired. Whole life will come nowhere close. 