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Whole Life insurance — keep paying?

By Terry Savage on November 26, 2017 |

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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