I would have posted this in ask an advisor but you must need a different membership? They all show locked for me.
I am nearly 32 years old with a 30 year old whole life policy that cash values at just under 6k. The death benefit is paid up to 45k, the premium is $13/month and I’ve considered cashing out the policy for a 100-200k 20 year term. A 100k policy for 20 years costs me $13 a month and a 200k costs me about $20/month. We could use the money now and I thought this would be a good idea but now I’m looking at it it seems like it might be silly to trade the same premium for an additional 55k of insurance especially when the whole life policy at it’s age isn’t dumping money into a bottomless bucket as contributing to a term would.
The reason I’ve gone down this road is a need for money (though I have other avenues I can pursue) and I wanted to add a bit to my 500k term with young kids.
Any more info needed or thoughts please let me know! Thanks!