Whole life insurance

[133mwaymire]

Hi, I have a whole life insurance policy worth $100k. I’m paying $135/month. I’ve been with this insurance company for almost 5yrs now. Tbh I only had little knowledge with regards to term/whole life insurance. I don’t even remember why I chose whole life. My question is, for how long do I need to pay for this? Would it be better if I just cancel this policy and switch to term insurance with a different insurance company?

 

[nataly87]

@133mwaymire What you can do is take the policy to a different advisor and get a second or third opinion. Whole life tends to have an end point on many policies and you have a cash plus benefit value that is accrued. I have one and have a year left at 5k a year. It will be worth a lot then and I am quite happy about it.

 

[perrin]

@133mwaymire In general, WL plans are good. They have a cash value component. I would say don't cancel the plan, and I'm more than happy to take a look at your plan.

 

[drakarin]

@133mwaymire There are different payment options that are available with whole life insurance for example 10 year, 20 Year, pay to 100 to name a few. There are also different dividend options. Happy to have a look at me policy details if you have more information.

With regards to your question of cancelling and buying term insurance the answer depends on your purpose or need for the coverage. A term policy does expire and many use it to cover a mortgage or expense/need that has a timeline