Life insurance as a savings account

Question: I'm 33, make about $150,000 a year and am starting from scratch to plan for retirement. A person close to me wants to sell me life insurance with a cash value feature as a way to save. Can you help me here? What do you think is my best option? --Carlos R., Houston, Texas

Answer: I'm not sure what "a person close" to you means. A relative? Friend? An acquaintance or co-worker? But whoever it is, the first thing I suggest you do is put some distance between you and that person, at least as far as your finances are concerned.

Life insurance as a savings account