Buy the right policy from the right insurance company
There are a lot of different ways to structure a whole life policy, and each company has some slightly different features or restrictions that you want to be aware of before you go and assign a significant sum of money towards this strategy.
Design it properly
Once you’ve picked the right insurance company, you want to make sure that your policy is properly designed. A good policy for you is not the one that pays your advisor the most money, so quite often the emphasis is not on you but on what the advisor gets compensated… hence you end up with the wrong designed policy.
Pick the right budget
Don’t get in over your head, and also, ensure that your budget is including the paid-up addition, which will give you more flexibility down the road. Your advisor might not like that though, since you’re cutting his or her commission down to 10% for that portion of the budget… but it is the best way to design it for you.