Frugaltravelerdc
Confused about dryer sheets
- Joined
- Dec 9, 2013
- Messages
- 6
Hi all,
Long time lurker, first time poster. I have a question about life insurance that I hope you all can help me with.
I'm 38, DH is 39. We bought into a Northwestern Mutual Adjustable CompLife in 2007 for 600k each. It costs us $600 per month. At that time, we had a big (600k) mortgage (the DC area is not kind to homeowners). So our thought was: "if something happened to one of us, the NWM policy will help the other payoff the house."
Now, two things have happened: a) we did pay off the house and b) I've been doing some reading that tells me that these types of policies are not very good.
I don't quite understand all the reasons it is bad (high fees is one). The question for us is: should we continue to sink $1200 each month into NWM, or should we cancel, take the cash value and invest that $1200 elsewhere? Right now, we will get roughly 35k each if we cancel, I think.
What are the pros and cons of continuing with the policy vs canceling?
Any advice would be much appreciated.
Long time lurker, first time poster. I have a question about life insurance that I hope you all can help me with.
I'm 38, DH is 39. We bought into a Northwestern Mutual Adjustable CompLife in 2007 for 600k each. It costs us $600 per month. At that time, we had a big (600k) mortgage (the DC area is not kind to homeowners). So our thought was: "if something happened to one of us, the NWM policy will help the other payoff the house."
Now, two things have happened: a) we did pay off the house and b) I've been doing some reading that tells me that these types of policies are not very good.
I don't quite understand all the reasons it is bad (high fees is one). The question for us is: should we continue to sink $1200 each month into NWM, or should we cancel, take the cash value and invest that $1200 elsewhere? Right now, we will get roughly 35k each if we cancel, I think.
What are the pros and cons of continuing with the policy vs canceling?
Any advice would be much appreciated.