Hello, I have both term life and whole life policies through Guardian (AIG). I purchased both when I was married in anticipation of having children. We are now divorced and had no children. My plan is to keep the term life because it is so cheap (beneficiaries to include my parents and siblings). But I would like suggestions for what to do with the whole life policy. The cash value is about $25,000. The monthly premium is about $176/month. I would love to dump that monthly expense. I am otherwise on solid financial footing. I welcome your thoughts and suggestions, and besides the “what to do,” I would welcome the “how to do it” suggestions as well. Thanks in advance for considering this question.
Terry Says: Well, you have built up some tax-deferred cash value in this policy, and it would be a shame to simply withdraw the cash and pay the taxes and blow the money! Instead, have you considered a long term care insurance policy — the kind of combo policy that grows your money in case you need the benefits, but also leverages your cash for even more coverage if you need long term care? Contact MAGA LTC at 800-533-6242. Now that you’re divorced, you’ll need some provision for care – just in case.