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re: So do I fund my IRA and my wife's Roth or pay off debt?
Posted on 3/6/09 at 2:47 pm to Cash
Posted on 3/6/09 at 2:47 pm to Cash
my age is making term not so attractive anymore. i have plenty of term plus the whole life policy (total death benefit about $1,000,000). i had other reasons at the time to go w/ the whole life policy.
2
Posted on 3/6/09 at 2:51 pm to SFVtiger
I almost through in a caveat about age/health but didn't. You are right, at a certain point term is cost prohibitive and if you have whole life in place it can make sense to keep it.
All that being said, I'd pay off the debt then get aggresive about retire. Good luck.
All that being said, I'd pay off the debt then get aggresive about retire. Good luck.
Posted on 3/6/09 at 9:47 pm to SFVtiger
quote:
my age is making term not so attractive anymore. i have plenty of term plus the whole life policy (total death benefit about $1,000,000). i had other reasons at the time to go w/ the whole life policy.
I will tell you if this policy is over 5 yo have it looked at. You could have cancer and your 2000 me rates would be lower than 1980 tables. A little exageration but not that far off. 2000 tables vs 1980 tables was about a 33% decrease in premium. Go somewhere get an inforce illustration I'd bet 100:1 you're over paying if you took it out pre 2003 as the 2000 tables became mandatory only last year.
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