Cash value life insurance products offer tax-deferred earnings.
One disadvantage is that, unlike 401(k)s, Keoghs, IRAS, life insurance premiums are not
deductible.
Life insurance is an important component of your overall financial plan.
If you have not maximized all retirement plans available to you, you may want to purchase term life insurance to cover your life insurance needs.
If you have maximized all retirement plans, then you may want to look into whole, universal, or variable life insurance.
What does Medicare cover????
Long term care insurance - How much are the premiums compared to investing? If you don't end up needing long term care, the invested cash will always be yours, while money spent to pay long term care premiums will vanish. Weigh the advantages and the disadvantages, you might end up adding the premium costs to an investment portfolio that you can use in sickness and in health.
Ask yourself these questions.
Do you know what kind and how much life insurance coverage you now have?
Have you recently married or divorced?
Have children or grandchildren been born or adopted?
Have you recently bought a new home?
Are you planning for a child's or grandchild's education?
Are you preserving your estate for your heirs?