Jayson Lowe argues you should buy whole life insurance as early as legally possible, even for newborns at 16 days old. The policy builds cash value from day one that can pay for education, cars, or weddings later, and he recommends stacking multiple policies to become your own banker.
What is the best age to purchase high cash value life insurance? I would say as early as legally possible. So in our business we can insure a newborn as early as 16 days young. Now, the newborn can't own the insurance contract. Obviously one of the parents is going to be the primary owner of the policy. But when you do that, you're doing something for your child that he or she can't do for themselves today, you're giving them a gift that speaks volumes. Volumes. It's never going to end up in a toy graveyard somewhere. It's never going to require batteries. It's never going to end up being too small. It's going to follow your child right through their entire lifetime. And when you're dealing with high cash value life insurance, dividend paying, participating whole life insurance policies, you're beginning to accumulate cash value in these contracts right from day one. You can utilize the policy or the system of policies to take care of everything that you as a parent would have had to have otherwise financed for your child, post secondary education, their first car, walking them down the aisle. So the wedding, vacations, the list goes on and on. You can use your policy or system of policies to control how you finance that without ever interrupting that, that ever increasing accumulation of value inside of those policies. And so I would say as early as possible and as many as possible. So we're not just addressing a single policy. We're talking about developing a system so that you can become the banker as it relates to your needs.
