Looking for advice about whole life insurance

Last year, I switched to a new financial advisor. So far he has been fantastic. He meets with me frequently, answers my millions of questions and is so very helpful. He manages my investment account and a Roth IRA for me and I ended up signing up for a whole life insurance policy after talking with him. He made it sound like a good, stable investment to leverage my retirement. I signed up for the life insurance and since have been researching it more in depth (like I should have before actually signing for a policy) and I see a lot of people say whole life insurance is a scam. I’m currently paying $200/ month for a 130k policy. I know you can take loans out against the life insurance policy while you’re alive, but after paying my 200/month for 50 years, the amount I’ve put in would be 120k so I’d really only be getting and additional 10k over 50 years? I want to ask my financial advisor about the benefits and am considering ending my policy as I’ve only been paying for a little over a year, I feel like my money would be better served in a Roth or other investing opportunities.

Can anyone explain the benefit of whole life insurance in lay terms? Or what your personal opinion/experience is on life insurance?

submitted by /u/Financial-Ad-2094
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