Should I cash in my whole life insurance policy?

Posted in Life Insurance Questions about 1 year ago, 1 reply

I purchased a whole life insurance policy about ten years ago. I know, bad decision. Now I have acquired some debt from a divorce and if I cash in the policy minus any taxes and/or fees I can wipe this debt out. I still have an policy currently for 200K and can increase this after I close the other policy. Is this a good decision?

submitted by Collins in Cayuga, US

You could cash it out, pay off your debt, and buy a term life insurance policy to increase your coverage. These days term policies are very affordable, and shopping around on a reputed insurance agency website like AccuQuote will give you quotes for policies that best match your requirements.

Denise

submitted by DeniseM in Wheeling @ January 04, 2011 - 01:45 AM

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