For most people, no . . . insurance should be viewed as "insurance" (risk management) and investment should be viewed as "investment." Those are two different functions. Life insurance is you transferring to an insurance company--in exchange for paying premiums--a risk that you'll die prematurely with financial obligations that you're unable or unwilling to fully-fund if you died today. However, there are almost always exceptions, and dogmatic blanket statements that insurance is never investment are just silly. There is a segment of the population with high incomes and/or significant net worth who've already maxed out their retirement plan contributions, paid off consumer debt, established reserves, and so on, and are STILL looking for places to squirrel away money on a tax-preferred basis. For those folks, max-funding a permanent life insurance policy could certainly be considered an "investment" since they're doing so not for (or solely for) the insurance but rather for tax-preferred accumulation of savings. Similarly, those who purchased permanent life insurance in their younger years and have built quite a cash value now have an "asset" on which they're typically earning higher stable returns than any newly-issued "guaranteed" investments today. So in certain situations, the cash values of permanent life insurance could have an "investment" flavor and function.
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