My grandfather held a whole term life insurance policy on me that he took out when I was a child. He paid on it until now. The policy now pays for itself. It's worth about $376,000 if I die and has a current cash value of $75,000 if I cash it out.
I am 29, single, no debt, no kids and have about $100k in savings and investments. I do not own a business and currently should I die, the payout would go to my mother.
Is there any point in keeping this policy? I am leaning towards cashing it out and just investing the $75k in my Roth and my other investment account and allowing it to go over my lifetime.
Those I have spoken to have said there's no need for me to have it, but I wanted some other advise before I do anything.
Submitted June 26, 2017 at 02:21PM by atdharris http://ift.tt/2sJZAU7
