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Reply to "Would you hold onto 100k whole life policy? "
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[quote=Anonymous]I am gainfully employed in my early 40's. I have term life insurance through my kids' college years. I have a whole life insurance policy that costs about $65/month and has a cash value of about $11k. I called the insurance company to cash the policy out - thinking the cash could be better used for investments. The insurance company wants me to use the annual dividend to pay the premiums, which elimintaes the monthly cost and keeps the insurance intact (although not really growing in value because no dividends). Of course, they told me that the company has stopped selling these fabulous whole life policies, etc. Assuming I continue to work until retirement and make good financial decisions, I don't see the need to leave this policy intact for my kids ($100k). What would you do - cash out or keep there using the dividends to pay the premiums? Thanks in advance! [/quote]
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