Paulieb, There are so many curves and avenues to consider with this question, there is almost no answer.  If you know when you'll die it would be easy.  Just look at the insurance for a moment.  The company is going to take your money, invest it, take some of it for their expenses and offer you a very small ROI.  Depending on the type of policy you have, there could be very little money available when the policy matures.  The tax deferrred retirement (I hope you're talking about an IRA and not an annuity) will build perhaps gradually, but it will grow.  The money will always be yours and depending on the situation you can borrow on it, take it out early, invest it yourself, alter the amount invested.  A big consideration is how old are you.  The older and family history of not living long would guide me to take the insurance.  A young healthy long living family would direct me to an IRA.