You're considering a $250K WL policy because you're concerned that you have no pension and little or no SS, while you already hold a term life policy with your employer and have 'taken out' another $1MM policy? If so, you're most likely throwing away a sizable chunk of your household income.

As previously mentioned, LI fills the need of providing income to financial dependents should you prematurely die, and really has nothing to do with your retirement or SS.

For retirement, few these days (except perhaps Govt employees and employees of some blue chip companies) have a pension....the vast majority save for their retirement through their contributions and/or their employer's contributions to their employer's retirement plan, and by contributing to their IRA. Hopefully, you are doing the same.

SS may have to delay benefits, reduce annual inflation adjustments or require a larger contribution from you and your employer during you working years....but to assume that SS will somehow not be there to provide a retirement benefit makes great pop media hype and a fundamental argument for those selling insurance products, but is completely wrong.

And you don't simply 'tap into' the cash value of a LI policy. You may borrow the cash accumulation up to a maximum amount, but you'll pay the insurance company interest for the withdrawal and generally must be on a repayment plan. When you take into account these, and other, restrictions, costs and limitations, I really don't see how the cash value of the policy is of much value.

It sounds like an insurance salesman has gotten ahold of you, as the rationale you're using sounds like sales literature. Depending on your household financial situation, you may be wasting a good deal of your household income that you really need to meet real financial need, such as saving for your retirement, an emergency cash reserve, college savings, paying down or paying off debt, etc.

But, its your money

BruceM