Ask Terry Questions Life insurance

Life insurance

By Terry Savage on October 11, 2019 | Insurance & Annuities

My mother (86) has a whole life life insurance policy for $25k. My question is i’m thinking to cash it in (put in her savings) because my mother has a nice size savings account (to cover her expensive when that time comes). I’m thinking we’re paying more in premiums than the return on the policy. Your thoughts on this?

Terry Says

I get your point, but it all depends on what is the current cash vale, the annual premium, and any possible tax consequence for cashing it in (which might impact some of her benefits).

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