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There are more than 400,000 insurance agents in this country, and almost all of them would love to sell you a whole life insurance policy.

If you buy a policy with premiums of ,000 per year, the commission would typically be somewhere between ,000 and ,000 for that agent.

That cash value grows in a tax-protected manner, and you can even borrow the money in there tax-free (but not interest-free.) Upon your death, whatever you borrowed (plus the interest) is taken out of the death benefit, and the rest is paid to your beneficiary.

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The most extreme advocates may even argue that you don’t need ANY other financial products during your entire life since whole life insurance can apparently take care of all your needs including mortgages, consumer loans, insurance, investments, college savings, and retirement.

The problem is that for every use of whole life insurance, there is usually a better way to deal with that financial issue.

As you might imagine, that commission can be highly motivating, especially given the median insurance agent income of $47,000.

To make matters worse, many of the worst policies offer the highest commissions.

A whole life insurance policy, like other types of permanent life insurance, is really a hybrid of insurance and investment.