I have a whole life insurance policy my father purchased for me when I was about four years old. The policy has a death benefit of $50,000. It currently has a cash value of about $8300. I have purchased my own 30-year term life insurance policy for $100,000, which I will probably adjust up as I grow more assets/wealth (ha!).
Anyway, I have some annoying credit card debts and an installment loan. And student loan debt. My partner recently started making significantly more money, which seems like it could go a lot further if we could get rid of some of the debts. We need to move out of the parents' basement soon! And buy a car. And invest for our two children's college funds. And invest more to our retirement accounts. And build a larger emergency fund. It sort of seems silly to be sitting on this $8000, but we have always rationalized it as an emergency fund in its own right.
Perhaps it's my millenial impatience that wants to just be able to make some big one-lump payments to various debts instead of pay them off more slowly and drag it out. How important is this life insurance money? It really doesn't seem to have accumulated much since its inception 27 years ago, right? The value of it isn't really keeping up... Is $50,000 in 60 years going to even be a drop in the bucket?
Help!
Submitted August 15, 2017 at 11:59AM by boundndetermined http://ift.tt/2x1e01n
