I have term insurance, which we are phasing out over the next few years as our stache grows...
I have investment accounts for my investments.
BUT-- I recently realized the value of Permanent, whole life insurance, and have been looking to buy single premium $25k of whole life.
Why would a smart woman go against current "wisdom" against life insurance? Easy answer: VERY easy / fast access to the cash when I die, for the recipients.
Especially if the joint bank accounts get locked up for a short while. AND I would name my kids as recipients, so the other assets flow to spouse as designated beneficiary directly, but my kids will always get something no matter what. It allows me to transfer $$ from my estate to my kids (or neices, or who ever) without the taxes.
It is not an investment, per se, at best it would be like a 2% GIC. BUT -- there are other benefits that are unique to it, (ready cash on death without probate / tax) AND access to a (high cost) loan on the cash value while you live, with 24 hr notice, and an insurance agent who can help get money to you outside of the banking system.