Don't do it. Your post brings up a couple of key points:
1. Insurance should not be an investment. Insurance is to protect yourself in the case of an unanticipated event. If you need life insurance, get a term policy and invest the savings elsewhere.
2. Do your homework and don't do what 'everyone else' is doing. Just because others are doing it (like your neighbors) should never be a reason to do it yourself. You should make decisions after doing the proper research and only after doing the proper research.
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