As I settle into retirement, I’ve been exploring ways to establish a steady income. Whole life insurance keeps coming up as a possible option, but I’m unsure how it works in this context. I’ve heard that it builds cash value that I can borrow against, but I worry about how that affects my overall finances.
On one hand, a whole life policy can provide financial security and a death benefit for my loved ones. On the other hand, I’m curious if the costs and potential returns justify the investment. Has anyone considered or used whole life insurance as part of their retirement plan? What has your experience been? Do you think it’s a reasonable choice for generating retirement income?