401(k) vs. Life Insurance: Which One Is Better for Retirement?
“Recently, some social media accounts have touted the value of insurance as a way to save for and fund retirement. Is this just marketing?
The answer to this question can vary among financial advisors. Using insurance as a primary way to fund and save for retirement is not a good strategy. Life Insurance, particularly whole or variable policies that are marketed to achieve this goal, comes at an additional expense. A 401(k) has one goal: saving for a person’s retirement.”