/ Ask Terry Questions / Whole life Insurance

Whole life Insurance

By Terry Savage on April 20, 2021 | Insurance & Annuities

I have a Met Life Whole Life Insurance policy on myself. Annualized premium is 489.00.
Total Current Death Benefit: 61,640.92 (2020).
Total Current Cash Surrender Value is 17,943.21 (2020).
I dont need it for funeral or leaving it to loved ones.
I am 56 y/o, single, 1 adult child.
Should I continue to pay into this or cash out the surrender value and invest it?

Terry Says

You forgot an important use of a whole life policy: You can BORROW from it! And since you’re alone, you might want to borrow down the road to fund a private nursing home! Something to consider before giving up the tax-deferred growth. And your adult child might need the death benefit — or put the money to good use for his or her own child, saying Grandpa paid for your college education (or part of it!).

money

ASK TERRY

a personal
finance question