salsera
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Keep it--you never know what will happen to you. If you develop asthma or some other chronic health condition, life insurance will cost a small fortune. Whole life will cover you until you are 100. Term doesn't build cash value and covers you for a limited period of time. |
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De
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I would try to keep it... |
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tkquestion
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That is all depends on how much savings you have, your liabilities, future needs for your wife and children, and what your other insurances will cover in case of your death.
You should consult with your insurance agent or a financial planner. With a very limited information provided, it would be impossible to give you any reasonable advise. |
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Barry auh2o
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How;s your health??
Because if you have anything like Diabetes, High Blood pressure, etc you may have a hard time getting life ins.
No matter what you do, life ins on you will be more expensive by the year. If you can comfortably handle the premiums keep it. |
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Cindy
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I would not cash it in. that term life is gone in 20 years. If you feel that it is too expensive call to see if you can convert it to a PIF policy at some point. If not, see if you can borrow $2,000 on it which simply reduces the face value by $2,000 and you still have the rest of your coverage. You have options the least smart would be to cash it in. For the agent the best choice would be for you to cash it in. |
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aaron p
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It really depends on what you are trying to do and your personal circumstances. One thing that hasn't been mentioned is that depending on your health etc, you could exchange that policy for another policy on a contractually paid-up basis. If you can afford one more premium payment of about the size you are paying quarterly, you could have $25000 of guaranteed coverage till age 121. Talk to a local independent agent.
I wonder why the person who sold you the term didn't catch that. |
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Mark S
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Me, I would cash it in. Set your child up with an investment for college. You should consider investing the difference between your term and what your parents pay for the whole life. Or do you pay on the whole life? |
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Club_obi_wan
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Whole life stinks although you should thank your parents b/c they just gave you 3000 cash, cash it in and find the top mutual fund performers on finance.yahoo.com pick one or 2 that you're comfortable with and earn over 10% a year on them rather than 10% every 30 years with whole life. |
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B
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I'd say cash it in - you could probably use the extra cash |
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mbrcatz
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I'd cash it in. In a new york minute. It's not worth it to keep paying on it. I can't believe they still are!!! |
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edmoney
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cash it in, and invest it...unless you need the cash and by the sounds of it you probly dont...buy a thousand worth of 3 different types of stock |
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Alan B
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You should roll the cash over into a Variable Universal Life policy, (which invests the cash value in mutual funds you pick), the mo. payments are more affordable, and it will last much longer than term insurance, while building cash value much quicker...
I can set one up for you ;)
Alan Bliss |
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