No a bad option after you either have exhaused the other alternatives and/or you are phased out and cannot contribute to a Roth. Seek professional advise!

cash value insurance policies is pretty good actually if you have the extra money. Term insurance is cheap which is like renting a place. Whole life (cash value) is like paying a mortgage for a home. It will cost more and take time to make back the principal you have paid for.

If you need anymore help let me know. I'm very knowledgeble with retirement.

Insurance is for insuring your life fo rthe benefit of your heirs. Investments are for your benefit later in life. They don't match up.

financial planning goals around an insurance cash value can be very complex. There are things non-trivial rules as the amount of your savings over the cash value of the policy death benefit and policy loans. Term life, on the other hand, is the essence of simplicity - ". Convertible" pay the premium, cover for term life insurance term.Many are both "persistent" and the former ensures that you can re-up for another long-term policy without a medical examination. This allows you to convert your term life policy into a cash equivalent value of the carrier, it should make sense in this policy.

Alot of people misunderstand Cash Value Insurance. However, it can be one of the best, if not the best, choice for your finances. There are no limitations like a 401k or IRA, there are guarantees--meaning you will always be in the green and you will never lose money, like you can in an IRA or 401k or any investment tied to current markets--there are huge tax advantages, the policies grow tax free, they are liquid--meaning you can pull money out of them anytime you want, unlike a 401k or IRA which you have penalties--and on top of that you get the added death benefit...

This is why they are such powerful vehicles, and why banks have so much money pumped into these policies, for instance, Well's Fargo has 19 billion dollars in policies like this, because they understand all the tax advantages that these type of policies provide...

Josh Thompson

I will have to agree to this. Insurance is making sure that something is there to help you or your family in times when untoward things happens. Investment is trying to double or triple the current funds is.

Many cash value policies are decent, here is the catch. You absolutely have to hold on to them! If you buy a whole life policy then cash it out in 10 years you've ruined the value it could have had. Also it's important to get a great deal on cash value insurance because many companies charge massive loads and high COI's (cost of insurance) within these contracts. SBLI.com has about the best whole life policy anyone could want. It builds value immediately instead of having to wait years. I own one on myself.

Yeah, that is true. Once you have the the cash value insurance and started premiums, you are stuck to it. Some just could not really see it that way. We have to be more aware of the things we are acquiring.