hguyw
Recycles dryer sheets
- Joined
- Feb 9, 2008
- Messages
- 106
Hi all,
I have a couple of whole life policies that my folks took out on me when I was a kid. I've been mindlessly paying the premiums all these years, but recently have been doing some research on this stuff...and find that all the personal finance gurus say whole life is a rip-off.
So I'm running this by the wise folks on this board just to get additional input. I'm 50, single, no dependents, no debt other than the $16,000 balance on my mortgage. I have nearly 400K in my 403b; some of it's in an annuity.
I'm thinking it's time to cash these two policies in. The cash value, if added to my current EF (which I'm currently rebuilding since paying off the last of my CC debt last October), would pay my bills for 8 months if need be.
Any downside to cashing these in (or whatever the term is) that I may be overlooking?
Thanks!
I have a couple of whole life policies that my folks took out on me when I was a kid. I've been mindlessly paying the premiums all these years, but recently have been doing some research on this stuff...and find that all the personal finance gurus say whole life is a rip-off.
So I'm running this by the wise folks on this board just to get additional input. I'm 50, single, no dependents, no debt other than the $16,000 balance on my mortgage. I have nearly 400K in my 403b; some of it's in an annuity.
I'm thinking it's time to cash these two policies in. The cash value, if added to my current EF (which I'm currently rebuilding since paying off the last of my CC debt last October), would pay my bills for 8 months if need be.
Any downside to cashing these in (or whatever the term is) that I may be overlooking?
Thanks!