Life insurance premium
My parents started a life insurance policy when I was young. I’m guessing to cover funeral expenses if something happened to me. I’m now 60 and I pay $79 yearly. Policy is for around $5000. Should I keep paying or stop and just let it lapse? My husband and I have no children and have other life insurance policies.
Terry Says
You need to find out if there is any cash value to the policy. Ask the insurer. And also ask, how the withdrawal of those cash benefits might be taxed if you just take it out as a loan, and then let the policy lapse. This is likely throwing good money after bad, and you might enjoy a nice dinner out once a year while you are alive.
