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My Whole Life Ins. situation and advice request
Posted on 8/2/22 at 6:46 am
Posted on 8/2/22 at 6:46 am
About 20 years ago in school my buddy sold me disability insurance, which I still have. He also sold me whole life…still got that, too. 5 or so years ago he confided that, could he go back in time knowing what he does now he wouldn’t have recommended the whole life ins. However, I’d paid enough in that it did t make sense to get rid of it.
A year ago I borrowed ~$85,000 against the cash value to finish a home renovation. Still paying that down today—around $60,000 outstanding and interest is %7-%8 I think.
I want to get rid of this debt, and am wondering if ending the whole life policy and using the cash value to pay it off is a good option. Some details: I pay around $750/month insurance premium for the policy, cash value is a little over $100,000. Currently paying $2000/ month towards the life insurance loan.
Id love to pay it off and then start putting those monthly payments into a better investment vehicle…all advice and criticisms welcome and appreciated:)
A year ago I borrowed ~$85,000 against the cash value to finish a home renovation. Still paying that down today—around $60,000 outstanding and interest is %7-%8 I think.
I want to get rid of this debt, and am wondering if ending the whole life policy and using the cash value to pay it off is a good option. Some details: I pay around $750/month insurance premium for the policy, cash value is a little over $100,000. Currently paying $2000/ month towards the life insurance loan.
Id love to pay it off and then start putting those monthly payments into a better investment vehicle…all advice and criticisms welcome and appreciated:)
This post was edited on 8/2/22 at 6:48 am
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