I have a simple framework for evaluating any financial product being sold to me.

Three questions in order:

1. Who is selling this and how do they make money?
2. What problem is this supposed to solve?
3. Is there a lower-cost way to solve the same problem?

Applied to whole life insurance: (1) the agent earns a large commission, (2) it's supposed to provide death benefit plus investment growth, (3) term insurance for the death benefit plus a taxable brokerage for investment growth costs less and performs comparably.

Applied to an annuity: (1) the financial services company earns a spread on invested assets plus fees, (2) it's supposed to provide guaranteed income in retirement, (3) a bond-heavy portfolio or dividend-focused fund provides similar income with more flexibility and liquidity at lower cost.

Applied to a target-date fund: (1) the fund company earns an expense ratio, (2) it provides automatic diversification and rebalancing, (3) a DIY three-fund portfolio achieves the same at 90% lower cost. But the simplicity premium is real for people who won't DIY.

This framework doesn't mean all financial products are bad. It means you should understand the economics before you agree to them.