Hello! I recognize there are a lot of posts on this debate and I think I've read them all at this point. But I don't know that I have seen one with our particular situation. My fiancee's parents had her get whole life insurance at 18 years old (she is now 24). The WL policy is for $100,000 and her annual premiums are $980 per year. Neither of us have much money yet (trying to break into our careers), so that is a lot of money to us. Currently, her only debt is student loans that total $78,000, which her parents co-signed on. I own our house and have a term life policy to cover the mortgage, should something happen to me. Based on the exhaustive research I've done on here and elsewhere, it seems the recommendation is to drop the WL, get TL, and invest the difference. According to online quotes based on her age and health, it'd be like $12/month, so about $70/month difference to go to a Roth IRA or something. We're just afraid we're going to regret dropping it when we're in our late 50s. Would it make sense to instead reduce the policy to like $25,000 for a lower premium and just hold on to it forever? I feel there must be some value to getting a WL at the young age of 18, right? Both sets of our parents recommended keeping it, but I have a sense PersonalFinance may have other opinions. I would LOVE some personal advice for our situation as I've been doing so much research lately. Thanks!
Submitted April 24, 2019 at 11:42AM by Puddinhead720 http://bit.ly/2IFJdRv
