Life Insurance Auto Premium Loan Provision
Have AIG whole life policy purchased during Franklin days (around 1994) - probably not the best idea, but we signed up. Policy on two kids and me.
I wasn't monitoring payments and wife stopped paying them - then notices of automatic premium payment through the loan provision started coming.
I understand the basic provisions of how this works, but am looking for bigger picture advice on how to proceed to terminate the policy - or, keep the policy and pay the outstanding loan amounts ...
Don't really need coverage any longer (not sure we did when we signed up) - one kid is 25, well educated and white collar. Othe is 20 and almost through with college. I am 56 and can retire pretty much anytime. Wife and I in good health.
Would appreciate advice on options? Ready to take my lumps :-)