Basically you have new account for tax-deductible voluntary contributions.Original Post Deleted
The point of life insurance is to replace my income for X period of years if I die before my children reach adulthood. It's not to get the payout. In the same way I pay car insurance, I don't say gee if I crash my car then I get a payout, yay! Or if I am in an accident and the hospitalization and surgery benefit kicks in on my medical insurance, I'm not calculating ROI for myself.
Just wanted to throw in that, I have heard that life insurance can be claimed quite quickly, within a month or so which can be quite useful if you have young children.
Whereas if you are waiting to inherit your parent's estate after they pass away, it will take months or even years to have the probate approved and THEN get the money in your parent's account and/or property.
I used to work in the industry but there's no need to believe me or anyone. Your adviser should be showing you different options. Get them to show you the math of which option is better and you can look at the math yourself.
Of course investment returns aren't guaranteed and will vary so you will have to try and balance probabilities. E.g. option A is better if investment returns over the next X years average under Y%
How do you know that you are going to die in 20 years?
All other things being equal, its not easy for an insurance plan to have better yield than non insurance plan. Overall a long time horizon small differences in cost structure will compound.
However as many have mentioned in this thread, the primary goal for these plan is not about the best optimized yield/risk, but a protection against your rainy day.
Only you can decide the value of such protection. Also you need to have some awareness what happens if it rains on the insurer...
For a lot of people its not about the efficiency of plan, but the peace of mind / protection