fireorbust
Recycles dryer sheets
- Joined
- Jan 21, 2018
- Messages
- 52
We Fired last year after selling our business. While I owned the business, I kept 1.5m of life insurance (600k whole life / 900k term). I did that to protect my wife incase I passed so she wouldn't have to rely on trying to sell the business.
Now that the business is behind us, we have plenty saved for retirement which supports our modest withdrawal rate.
So here is the delima. I'll keep the term policies until they expire when I hit 65. The whole life has a cash value of 40K. We no longer pay any premiums on it and the cash value will pay the cost of insurance until I'm about 70.
Our kids are raised and on their own, our health is good and we have zero debt. House is paid for, but would like to upgrade in the next year or so.
How many of you would cash out the whole life and pocket the 40K or would you let it ride to keep the 600K whole life policy in place?
Now that the business is behind us, we have plenty saved for retirement which supports our modest withdrawal rate.
So here is the delima. I'll keep the term policies until they expire when I hit 65. The whole life has a cash value of 40K. We no longer pay any premiums on it and the cash value will pay the cost of insurance until I'm about 70.
Our kids are raised and on their own, our health is good and we have zero debt. House is paid for, but would like to upgrade in the next year or so.
How many of you would cash out the whole life and pocket the 40K or would you let it ride to keep the 600K whole life policy in place?