In my early 20s, I worked for a government agency with a retirement plan. Since I got this job directly out of college, I didn’t know much about that type of thing and one day, a guy came around the office offering financial planning services. He convinced me to sign up for a hefty life insurance policy.
Now, I’m in my mid-thirties. I have no children (and don’t plan to). I have no outstanding debts, a positive net worth, a retirement account and an employer sponsored life insurance policy that would cover any funeral costs in the event of my death. The monthly premiums for my life insurance policy are pretty high (one of my highest monthly bills) and I just keep trying to figure out why I even have this policy. There’s also a cash account linked to it that would be nice to have. I’d much rather take all of that money and contribute to my retirement account.
I tried to cancel the policy and I got a long email about why it’s totally financially ignorant to do so. I don’t know enough to know whether that’s true. Should I continue paying for a life insurance policy or cancel the payments and try to close out the cash account?
Submitted December 02, 2019 at 05:01PM by Nica-sauce-rex https://ift.tt/2syUAny
