Core Viewpoint - The article emphasizes that the primary function of participating whole life insurance (增额寿险) is wealth transfer rather than providing retirement income, suggesting that individuals should not rely on it for pension needs [1][3]. Group 1: Core Positioning of Participating Whole Life Insurance - The main purpose of participating whole life insurance is to ensure that the death benefit can withstand inflation, making it suitable for families looking to leave a stable asset for their descendants [1]. - The article compares participating whole life insurance to a family treasure chest, where the principal is stored and grows with interest over time, ultimately benefiting heirs [1]. Group 2: Comparison with Pension Annuities - A comparison between the top participating whole life insurance product (复星保德信星盈家) and a professional pension annuity (国华人寿乐享丰泰) shows that the latter provides significantly better cash flow for retirement [5]. - Key data indicates that before age 65, the cash value of the pension annuity consistently exceeds that of the participating whole life insurance, allowing for better access to funds when needed [5][6]. - After retirement begins, the cash value of the participating whole life insurance diminishes significantly compared to the pension annuity, which guarantees a fixed annual payout [6]. Group 3: Longevity and Retirement Planning - The article warns against underestimating longevity in retirement planning, emphasizing that relying on average life expectancy can be misleading [8][9]. - It highlights that advancements in medicine may increase the likelihood of living longer, making it crucial to have a reliable source of retirement income rather than depending on the cash value of a life insurance policy [9]. Group 4: Distinction Between Wealth Transfer and Retirement Income - Participating whole life insurance is likened to a "treasure chest" for wealth transfer, while pension annuities are described as a "money tree" providing consistent income during retirement [10]. - The article stresses that these two financial tools serve different purposes and should not be confused; wealth transfer should be managed with participating whole life insurance, while retirement income should be secured with pension annuities [10].