Which type of insurance policy should N purchase to meet his retirement needs?

To meet retirement needs, whole life insurance is a fitting choice due to its unique characteristics. Whole life policies provide a death benefit along with a savings component known as cash value, which grows at a guaranteed rate over time. This aspect of whole life insurance can serve as a financial resource in retirement, as policyholders can borrow against the cash value or withdraw it if needed.

Additionally, whole life insurance offers stability and predictability, which can be advantageous for individuals planning for retirement. The premiums generally remain constant throughout the policyholder's life, allowing for budgeting and financial planning with more certainty. This makes whole life insurance suitable for someone like N who seeks long-term financial security and a guaranteed death benefit that can support dependents or help cover expenses in the event of the policyholder's passing.

While other options, such as term, universal, and variable life insurance, have unique benefits, they typically do not provide the same level of guarantees or the combination of protection and growth that whole life insurance offers. Therefore, selecting whole life insurance aligns with N's retirement needs by ensuring both security and potential financial flexibility through its cash value accumulation.