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@vicatekdng866 You don't even need a reason to cancel it. You're allowed to cancel it anytime you want, at will.

@deltoots The answer is always TERM. The only people who benefit from whole life insurance policies are the agents that sell them.

@evanburnside12 Yes, a complete waste of a very small amount of money. It’s insurance. It’s there just in case something catastrophic happens. You home insurance, health insurance, and car insurance also usually end up being a “waste of money.” The problem is when you sell insurance as an...

@evanburnside12 No, they won’t be out of luck, because I have a term policy.

@evanburnside12 Lol please give me a monthly premium quote for this hypothetical whole life policy that guarantees me 2-3% returns plus a 6% dividend. Let’s suppose I’m a 30 year old and I want $1 million. All I have to do is pay $2k per month for the rest of my life? How am I not better off...

@evanburnside12 Whole life gives you close to zero return. The only way you get any positive return at all is if you pay premiums for many, many years, or else you’re actually negative. The selling point is that you don’t have to pay any taxes on that negligible return, if you even get the...

@jessica50332 Please give us an example (with numbers) of how whole life insurance makes financial sense. I’d love to hear it.

@evanburnside12 Why not just dump all of that money into your bank account instead of blowing it on a whole life policy? Then you have 100% tax-free cash value the whole time, instead of waiting 10-15 years just to break even.

@aaron112 2-3x? Try 15-20x. Whole life is a racket.

@jessica50332 This is not a good analogy though, because buying a house is not that much more expensive than renting. Whole life insurance costs like 20x as much as term life insurance. If buying a house cost 20x what renting costs, everyone would rent. It would make no sense to buy a...

@deltoots No. You’re paying for those dividends. That’s why your monthly premium for a whole life policy is so expensive. You’re much better off just saving/investing that money rather than blowing it on a whole life policy. A term policy will cost like 5% as much as a whole policy. Take that...