Which policy would be most appropriate for a client seeking both protection and savings until retirement at age 65?

A limited pay whole life policy would be the most suitable option for a client looking for both protection and savings until retirement at age 65. This type of policy provides lifelong coverage, ensuring that the insured has a death benefit in place for their beneficiaries, which addresses the protection aspect. Additionally, it has a cash value component that accumulates over time. The policyholder pays premiums for a limited period, but the coverage lasts for their entire lifetime, making it financially manageable while maximizing savings potential for retirement.

This option allows for a balance between investment growth and insurance protection. When it reaches maturity or the policyholder retires at age 65, they can access the accumulated cash value which can be used for retirement needs. This flexibility in utilizing the cash value for various financial goals adds to the appeal of this policy for someone planning for retirement.

The other options do not offer the same combination of benefits. A life annuity provides income in retirement but does not offer death benefit protection. Increasing term insurance is focused purely on providing death benefit protection and does not accumulate savings. Interest-sensitive whole life can be a good option as well, but it typically has more complicated variables tied to interest rates and may carry higher risks compared to the more straightforward structure of a limited pay