I understand that popular and correct opinion is stay away from Whole Life. I also understand that no matter what I type here I'm going to get responses that just say "dump it" but that do not help understand how the numbers work to support that. That said, I'd really like to understand that I'm making the right decision. We don't necessarily "need" the policy from a financial safety perspective and I'm not of the mentality to worry about sunk costs. I'm just trying to understand if after 8-10 years of being in it, is there a point where it actually makes sense NOT to just dump it?
Here is the situation..
Wife and I each have a $250k policy. Each were opened in y2009. They are basically the same policies, so use this info for each..
Monthly Premium $70.
Accumulated Fund - $6800 Surrender Charge - $5770 Outstanding Loan - $0 Net Cash Surrender Value - $1066
Guaranteed Interest Rate - 2.5% Current Interest Rate - 4.0%
Submitted April 22, 2018 at 11:07AM by Thumbupass https://ift.tt/2HhCTPP
