Despite the pitches by TikTok financial gurus, most financial advisors agree that investing and life insurance products shouldn't be mixed.
, says there are several conflicts of interest to be wary of when it comes to mixing life insurance with investments, or listening to anyone on TikTok that offers financial advice.
Also note that insurance salespeople, which often refer to themselves as financial advisors, are financially incentivized to sell permanent life insurance via large commissions they receive upfront when someone buys a policy. Prospero says he has sat across from many investors that were previously sold an insurance product they did not fully understand. Unfortunately, in many of those instances they were unable to immediately make changes to their insurance investment"due to the high surrender fees associated with those types of products," he says.
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