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Clubbing Insurance and Investment on a single product is like bottling two varieties of exotic wine in one bottle. Both are very good and essential ones also but its best to go with a term policy and investment in a different channel. Best Wishes
The best way to have financial peace is to invest in life insurance. This ensures that your family is well take of after you die. It become a gift for your life to them, in monitory value, it is also a source of financial security.
From an insurance point of view, if it would not be a good investment the offers would diminish or disappear from the market. It is all about profit.
From insuree point of view.
That is not easy to answer. It depends on the following factors among others:
- Is it an item you can deduct from taxes? Some countries might have favorable tax laws.
- Your expected lifetime
- Your age(s) at the start of the life insurance
- Probably some other factors
However, from an insuree point of view maybe this is not the most important question to ask. A whole life insurance is a means to remedy financial risk aversion. If you are financially risk averse and want to have security, then it can be considered a good investment for you, not much matter what outcome. In this case, get the cheapest for your conditions.
Some other factors may play a role, e.g. which country you live in. When your government offers social security (which can help reduce financial risk aversion) then it could be less likely to consider a whole life insurance.
It can be useful in some cases in others not.
I personally believe that a whole life insurance is not the best choice and a was developed as a necessity for modern society, because we have smaller families/communities, have weaker family bonds, etc. and felt the need to secure our finances. The governments/industries make up for the changes, or at least that is what citizens expect.
