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shinean2001 | Should I stop my whole life insurance? |
I started my whole life plan about 10 month ago, paying >300 a month. I am now kind of rethinking what I am doing, feels that really does not worth it. Should I just stop the plan and lose the month I already paid or keep it for the rest of my life? Thanks
Additional Details
Guardian policy of 300000 |
 |
 
mbrcatz
|
No use throwing good money after bad.
Re-evaluate the GOAL that policy was supposed to acheive, and see if you can get a 20 year term policy (for about $300 a year) that will meet the same goal. Then invest the difference, and be a millionaire in 25 years. |
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src50
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Not enough details - the policy particulars, your age, your reasons for getting the insurance.
As an investment, whole life is generally regarded as a poor investment (the insurance companies will tell you otherwise). If you need life insurance for the protection of others, consider level term life instead. Both money.cnn.com and money aol.com have good sections that explain the different types of life insurance. |
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Mr. Prefect
 |
You are now thinking brilliantly. So what if you lose 10 months of insurance costs, look ahead to what you will be saving over the years by buying term. |
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fth106
 |
I completely disagree with the people who always tell you that there is no place for whole life insurance. I also completely disagree with those that will sell nothing but whole life insurance. There is a place and a time for both. Your particular situation might call for one or the other. There isn't an easy answer. Find an agent that you can trust to look after your interest and not theirs and follow their advice. No one here can analyze your situation without knowing all of the relevant facts. |
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Insurance guy of Indiana
|
Whole-life is a bad choice for temporary needs such as mortgage protection. You should fire your agent. If you bought it without a local agent, you have learned a lesson.
Buy term for your temporary needs and whole-life if you have permanent needs. |
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Bethany M
 |
I would most definately stop paying for whole life insurance. Your rate of return on this is going to average around 5%-6%. You can find good level 30 year term insurance for about 1/6 the cost of your whole life insurance. If you invest the remaining $250 every month in a good mutual fund that averages around 10%-12%, you will most definately be a millionaire by the end of that 30 year period, and then you will essentially be self-insured and won't need a policy. That's the path I'm travelling.
Agents make WAY more in commission on whole life policies because you pay much more in premium. That's why they push them so hard. Any person that tells you differently would obviously be an agent. |
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DCK2003
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Never cancel a whole life policy until you have term life insurance in place. However if you are young, healthy, not self employed, and do not have substantial assets or a large retirement account already then most likely your money is simply going down the drain for no reason. |
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