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Ok, Ok, I got sucked into the whole life insurance policy pitch about a year ago, and now what I read on this forum makes me feel like I made the wrong choice.
I'm paying $100 a month for $150,000 in whole life coverage, to date I've sunk $1200 into the plan. What is the best way and questions I should ask to determine if I should drop this policy and pick up a 30 year term? What would the ramificiations be?
First of all, buy your term before you cancel the whole life just in case you end up needing it while you're making the switch.
If you've determined that $150,000 is the amount of life insurance you need, go out and get quotes for that amount. My guess is that it will be $10-$15 a month, but ultimately it will depend on your age and physical condition. If you bought $150K because that was as much of a premium that you could afford, you may want to consider bumping it some.
The only reason not to switch to term is if you have a condition that prevents you from being able to buy it. The only ramification is the sunk cost of the whole life insurance. Don't let that stop you from switching, better to stop the bleeding now while you can recover from teh loss than continue on until you bleed to death.
Ok, Ok, I got sucked into the whole life insurance policy pitch about a year ago, and now what I read on this forum makes me feel like I made the wrong choice.
I'm paying $100 a month for $150,000 in whole life coverage, to date I've sunk $1200 into the plan. What is the best way and questions I should ask to determine if I should drop this policy and pick up a 30 year term? What would the ramificiations be?
you have AIDS or something? that sounds like a high payment for a little bit of coverage.
It's actually pretty reasonable for whole life. When I had whole life years ago I paid something like $20 a month for $10K.
i was just playing around to get some instant quotes, couldnt find one for whole. but i put in that i was 62 years old and did a 30 year term for 150k benefit and looks like the price is around 60 bucks a month.
i was just playing around to get some instant quotes, couldnt find one for whole. but i put in that i was 62 years old and did a 30 year term for 150k benefit and looks like the price is around 60 bucks a month.
I'm not surprised that you couldn't find whole life quotes online. Whole life is so much higher that if they made the premiums easy to find people would compare them to term and decide to go that route on their own. It works better for them to give you the rates in person so they can give you the whole presentation that makes it look like a good deal.
The only reason not to switch to term is if you have a condition that prevents you from being able to buy it. The only ramification is the sunk cost of the whole life insurance. Don't let that stop you from switching, better to stop the bleeding now while you can recover from teh loss than continue on until you bleed to death.
He pretty much summed it up. Dump the whole life 'stuff' and get term.
That's what I thought, now I'll have to convince my husband too.
We have a financial advisor that convinced us it would be a safe place for our money. Now I realize you are loosing the chance to do more productive things with the cash.
I'm 29 years old, no AIDS here, I suppose I trusted the advisor it was a good deal. I'm usually not a sheep, but he kept playing the "What about your baaaaaaaaaaaaaaby" ploy and it sucked me in.
That's what I thought, now I'll have to convince my husband too.
We have a financial advisor that convinced us it would be a safe place for our money. Now I realize you are loosing the chance to do more productive things with the cash.
I'm 29 years old, no AIDS here, I suppose I trusted the advisor it was a good deal. I'm usually not a sheep, but he kept playing the "What about your baaaaaaaaaaaaaaby" ploy and it sucked me in.
your advisor made a great commission on that product.
for comparison, i have a $1 million policy, 20 year term, and i pay 38.69 a month.
That's what I thought, now I'll have to convince my husband too.
We have a financial advisor that convinced us it would be a safe place for our money. Now I realize you are loosing the chance to do more productive things with the cash.
I'm 29 years old, no AIDS here, I suppose I trusted the advisor it was a good deal. I'm usually not a sheep, but he kept playing the "What about your baaaaaaaaaaaaaaby" ploy and it sucked me in.
Probably time to dump your financial advisor as well.
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