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When I was 27, I signed up for a whole life insurance policy, combining both savings and disability. But now that I have done the math, the gains are horrendous.

I am paying 500 USD a month. I have been paying this for the last 5 years, and I have another 5 years to go. The "insurance" basically gives a 0 percent rate of return for the first 10 years, 2 percent for 20 years, and 3 percent for 30 years etc. And the disability payout is equal to whatever is in there.

I don't feel like this is worth it, but I could be wrong. But the roi seems really bad, and 500 a month is a huge portion of my paycheck.

I've already sunk 30 grand of my hard earned money into this. If I cancel my policy, it says that the surrender value is only 15k, which means I lose half that money. I am 32 now for context, started this when I was 27.

What should I do?



Submitted October 29, 2022 at 01:43AM by soulslicer0 https://ift.tt/rqWKwLy

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