My wife is a teacher and has a great retirement pension plan and also contributes to 403(b). After she retires, the maximum benefit (100% of her pension) provides the largest monthly payments to us for life, but provides no payment to a beneficiary (me) if she kicks the bucket before I do. There are options where she takes less that the max and I get a percentage of her pension for life. The link below explains it in more detail:
http://www.nystrs.org/main/library/max_option.html
AXA Financial advisor who works with teachers in the district offered us another option. He advised to take the max pension payout, lower your 403(b) contributions, and use the amount (which 403(b) was lowered by) to buy whole life insurance from AXA. His logic was that 403(b) is funded by pretax dollars now but will be taxed once you tap into it. If my wife buys life insurance with taxed dollars now, with 10% average annual growth in life insurance investments will give us a lot of cash.
I was always under the impression that to use whole life insurance for savings/investment is not the best choice for everyone. I was always skeptical about someone who is trying to sell you life insurance even though the guy is a financial advisor for the district. Are we getting solid advise?
BTW, he also advised me to do the same with my 401k.