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re: My Whole Life Ins. situation and advice request
Posted on 8/2/22 at 1:05 pm to LSUDMD
Posted on 8/2/22 at 1:05 pm to LSUDMD
When you try to cancel it, they will try to give you all kinds of reasons not to. They'll lie and tell you you'll have to pay taxes, etc.
Whatever they tell you, don't just take their word for it, do your research. They will do anything to keep that $705 coming in every month.
Whatever they tell you, don't just take their word for it, do your research. They will do anything to keep that $705 coming in every month.
2
Posted on 8/2/22 at 1:18 pm to REB BEER
Good points, but even if I did have to pay taxes, I still believe putting ~$8400 / year somewhere else over the next however many years is a much better play than continuing to give it to Guardian. Right?
Posted on 8/2/22 at 1:58 pm to REB BEER
quote:
When you try to cancel it, they will try to give you all kinds of reasons not to. They'll lie and tell you you'll have to pay taxes, etc.
He should NOT have to pay taxes since he's paid way more into the policy than what he's gotten out of it. He should have roughly $15k - $20k coming back to him tax free if he cancels it.
As well as around $700 extra per month to actually invest with.
But you're right, they'll try to scare him into keeping it for sure.
This post was edited on 8/2/22 at 1:59 pm
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