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TimS comments on Transparency in Insurance (Edit: Solution found) - Less Wrong
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Life insurance policies that grow in value (IIRC: whole life) have favorable tax treatment in the US because the growth in value is not taxed - put the same amount in a savings account and the interest would be taxed as income.
There are also estate planning benefits, but those seem pointless without dependents.
True, although the wasted life insurance portion hardly compensates for it (see Buy term and invest the difference). There is also the usual Roth IRA route for tax-free savings for retirement.