Can Whole Life Insurance Take the Place of Retirement Savings?

If you have people in your life who depend on you financially, then it's generally a good idea to put some sort of life insurance policy in place. That way, in the event of your sudden passing, your beneficiaries will be entitled to a payday that could help them survive in the absence of your income.You may be of the impression that whole life insurance is a better bet for you than term life. And if you're going to pay up for a whole life policy, you might assume that it's better to focus on that and forgo contributions to a retirement plan like an IRA or 401(k). But that line of thinking could come back to haunt you.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Zum vollständigen Artikel