Advisors need to do a better job of educating clients about that, and about vehicles like old fashioned participating whole lifeinsurance that shifts the risk in our lives away from us to an institution mutually owned by its policyholders.
Instead of tying up precious cash in investment products that have risk and might not be there for that rainy day or college tuition, advisors should be teaching the value of saving, and showing them all the options, including participating whole lifeinsurance.
Up until the advent of universal whole life, the predominant form of lifeinsurance for the middle class was participating or mutual whole life, where policyholders are treated as mutual owners of a non-public insurance company.