My GF has just told me that she's been paying $600 a month towards life insurance. She is on the 65 life plan. She has been doing this for 6 years already. So if I did my math correctly, it means she has put $43200 into this already. She said she has this cash value of $1,800 whatever that means, I think it has something to do with money she can take out?
They got to her as soon as she graduated. She feels like she got "took". But was too afraid to cancel before because of taking a "hit".
She has a brother who is financially well off. If we decide to get married, i'm financially in a good place as well. Nobody around her will be "screwed" if she dies without leaving anything behind. She does plan to buy a house with a mortgage in the future though.
She's a pharmacist that makes over $120k a year and is 30 years old.
Now I don't think she would mind cancelling the plan and just taking the hit but is it financially smart? Or is she so far in that she should just stick with it?
PLEASE HELP. we want to mitigate the loss as soon as possible if we decide to cancel. Thanks for any help.
Submitted January 22, 2018 at 11:03AM by ExistingAlternative http://ift.tt/2DzTOv6
