It can depend on your income as well. If you make too much to contribute to a roth, and don’t have a 401k, your left with contributing to a non-deductable traditional ira. Some whole life plans will provide a minimum return guarantee, like 5%, with the additional advantage that it grows tax free.
Fees are higher (and hidden) in a whole life plan, so most people say to go with term plus your own investments. I treat the whole life as the lower risk part of my retirement planning.
