My parents bought a whole life insurance policy when I was born and transferred it to me a while back. I have been paying the premiums but I recently read a few posts here about how it may not be worth it. Here is the info I have on the policy, I would appreciate your input. Thank you.
$25,000 whole life policy with Security Benefit Life Insurance with options every 5 years to increase coverage (10k I believe).
Premiums: $8.50/month
Current policy value if I cash out: $850
Reduced paid-up insurance (whatever that means): $13,000
I am 28, married, 1 child, and I have sufficient term life insurance through my employer. I have a pre-existing condition that might make it hard to get life insurance later on, but it shouldn't affect my lifespan.
Submitted February 16, 2017 at 05:28PM by sodabrab http://ift.tt/2lYOnJd
