My husband is 72. He has been paying approximately $1000 a year for Whole Life insurance. He had to purchase it when we purchased the house - to cover the loan. The house is now paid for. Is it still practical to continue the Whole Life? OR - change to a different insurance policy? I remember you talking about this on TV - but I don't remember what you said about it. What should we do?? Thank You!!

Terry Says:

First of all, you didn’t say HOW MUCH insurance this premium buys!  That helps decide whether it is a “good deal”.   Second, don’t be so quick to give it up if you need the money to pay funeral expenses.  A new policy for a 72 your old man would be VERY expensive.  I suggest you contact the insurance company (not the agent) and ask for an “in-force ledger”.  That will tell you if there is any cash buildup in the policy.  Then you can decide whether you would rather have the cash out now — or whatever the face value of the insurance is at his death.

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