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!!
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.