@amberb My wife’s digging out the ledger for it. I’m going to review when I get home to know. There was a point where I would lose money up to a certain point.
@nicolewilliams Plus if you are 7 years into a 15/20 year programs you likely won’t be able to touch the premiums you are paying. Industry as a whole experienced a decent rate increase for these types of programs and yours is locked in at what you are currently paying.
@amberb Yes it can be stopped at any time. There is a financial loss to a certain point of the program. Meaning I’ve paid more into then it’s cash value is
@amberb If I fund the whole policy then it would be matched to the premiums. But the policy has a cash value to close the policy. For example. After paying into the policy for 7 years, if I should decide to cancel it has a cash value of 67,000, even though I’ve paid 84k into it, that’s an example and not exact numbers. But it does carry a cash value
@nicolewilliams I’m familiar. The gap will close every year and catch up around the time that the policy is paid up. Long term they are good programs but early cancellation typically results in a loss.
@amberb Correct, I just have to look at the paperwork when I get home to know when it will balance out, I think it’s before full term but can’t remember.
@nicolewilliams Are you saving at least as much as the premiums in tax advantage’s accounts? Ie, IRAs and 401k? If not, it’s probably not worth foregoing those contributions to continue the insurance. Definitely get an in force illustration before making any decision. You want to see your current projected rate of return on current balance and future premiums
@zaverax I have a complete ledger at home of the premiums and growth as well as withdrawal amounts each year.
And no I’m not invested anywhere else. I’m trying to get better at this. But I have to learn. I can’t watch the market daily so I need a solid investor that I trust.
