Should I buy permanent life insurance (Northwestern Mutual)

m.sencenb

Hey guys.

I'm 23 years old and am currently weighing my long term retirement options. I plan on maxing out contributions to my Roth IRA this year (startup company, no 401k but good salary) and recently one of my friends who works at Northwestern Mutual has been pitching permanent life insurance to me as a retirement investment vehicle. He touts the benefits of cash value, a supposed exponential eventual return, dividends, and using the policy as collateral on loans. With his 'projections' if I put in ~1000 a month by the age of 60 I would be able to take out 83k a year from the policy until I'm 90.


So, are permanent life insurance policies worth it? I have about 500-1000/month to invest after my roth contribution but want to be smart about where I put it.

dunstonh

This is a UK site. Not US. I doubt there are many here who are aware of the products and tax laws applicable to you as well as the product types.