A friend who hasn’t talked to you in years hits you up for coffee, and surprise! They want to sell you insurance. Don’t worry it’s more to help you earn money, they might add, as they start to ask which bank you deposit your money in and whether you know about the poor interest rates given. This dear friend, really, really wants to help you grow your wealth, and I don’t doubt their sincerity (then again some of them are really dodgy) because most insurance agents and self-styled financial consultants themselves don’t understand fully what they’re selling nor know any better way to grow their own wealth. Aside from the fat commission they get by selling such plans of course. But here’s why you shouldn’t commit yourself to a long-term insurance savings product. What are such plans? Such plans go by many names, such as “retirement plans” or...