Hello everyone.
I'm 27/single/self-sufficient and currently reassessing my finances rigorously as a beginner since I just revived my career. Relearning finances as well. No plans for family etc in the next 5 -10 years (if I'll push it haha)
I just found out that VUL isn't the soundest decision (but I've already paid mine for 4 years [at 6k quarterly since I'm a smoker and an adrenaline junkie] and lost 65K at current cash value) and I wanted to opt for a term insurance/critical illness instead to lower costs.
I've read in previous posts that VUL aren't convertible so, best route should be getting the term insurance before "cancelling" my VUL and in case I get denied, I'd still have insurance.
Question 1: I am looking for at least 1M coverage. Do you guys have suggestions which ones would be the best fit for me?
Question 2: Am I on the right track?
Question 3: Is it worth it to cancel my VUL plan despite the loss in value?
Thank you for all the advice and suggestion anyone could provide.
I'm 27/single/self-sufficient and currently reassessing my finances rigorously as a beginner since I just revived my career. Relearning finances as well. No plans for family etc in the next 5 -10 years (if I'll push it haha)
I just found out that VUL isn't the soundest decision (but I've already paid mine for 4 years [at 6k quarterly since I'm a smoker and an adrenaline junkie] and lost 65K at current cash value) and I wanted to opt for a term insurance/critical illness instead to lower costs.
I've read in previous posts that VUL aren't convertible so, best route should be getting the term insurance before "cancelling" my VUL and in case I get denied, I'd still have insurance.
Question 1: I am looking for at least 1M coverage. Do you guys have suggestions which ones would be the best fit for me?
Question 2: Am I on the right track?
Question 3: Is it worth it to cancel my VUL plan despite the loss in value?
Thank you for all the advice and suggestion anyone could provide.