Wanting to use the life insurance as a tool for financing everything you buy along with the bonus of the death benefit is an amazing concept when used correctly.
Completely disagree.
Use your investments for financing everything you buy. If you want a death benefit, get term life insurance. Keep investments and insurance separate.
A concept people should be willing to explore and look into.
..and then disregard. People that get into "investments" like this do so because of lack of knowledge. They're buying from a salesman without understanding what they're getting into. If they had explored more, they wouldn't have done it almost every time, IMO.
If you want to throw away your money get term.
That's like saying "if you want to throw away your money, rent instead of own" - it completely depends on the circumstance. But if you don't need a death benefit, then you don't need life insurance, and you're throwing your money away buying some. If you do need a death benefit, buy term. You aren't throwing money away, you're getting exactly what you want - insurance against dying. That's like saying having car insurance is "throwing your money away" - no, it's paying for insurance against the catestrophic. If you don't need that, don't get insurance. If you do, get it. But don't then try and mix in investments into the same vehicle and get subpar performance and much higher fees.
/going in circles with an insurance salesman whose whole contribution to this forum is three posts vaguely arguing why people should have "dividend paying whole life" insurance
//not sure why i bother
///hopefully anyone reading this post will have gotten the idea by now, and not be hooked in by a sales line