I'm saving money for retirement, but a friend is trying to convince me that Whole Life Insurance is required for me to keep up with my goals. Am I where I want to be?

Hey, guys. I'm currently 21 and planning to put $400 toward both a company 401(k) (3% match) and a Roth/IRA. Another $2-300 is going into a savings account each month.

A friend of mine (who is with Northwestern Mutual) is trying to convince me that $200 would be better spent in what I believe is a WLI policy, where I invest that money with a "guaranteed growth" of 4%.

Now, I could afford to do this and add another couple hundred dollars to my savings account, but I'm not sure if this a policy worth my time or not. I don't know a ton about this stuff, but my agent sent me over all of the paperwork we went over, so I'll do my best to answer any questions that might be relevant.

Thank you!

Submitted July 10, 2017 at 12:10PM by ToIA http://ift.tt/2tzJgFS