Patrick R. McDowell, CFP®, AIF® was quoted in a Huff Post article by Casey Bond discussing life insurance.
That brings us to the next important point. To convince you to buy whole life insurance, some brokers will stress that it’s an investment, since the policy has a cash value that can grow over time. But if you’re concerned about growing your wealth, you’d be better off putting your money in the market or another true investment.
“Insurance is a product, not an investment. If no one is worse off financially should you pass away unexpectedly, you probably don’t need life insurance,” said Patrick McDowell, a certified financial planner with Arbor Wealth Management. The best-case scenario, he said, is that you pay monthly premiums for the duration of the policy and you get nothing back because you didn’t die.