Get term life insurance here, THEN cancel a whole life policy!
SUMMARY
Dave takes a call from Alan in Austin, TX. He has had whole life insurance for 10 years and finally wants to get out of his policy.
Dave reminds him, “It’s not going to get better, it’s just going to get worse.” He recommends that Alan get out of whole life insurance immediately.
When you cash out a whole life policy, you are taxed on the amount over what you’ve paid in to the policy. In theory, you’ve bought insurance and an investment, and you’re only going to get insurance when you die.
That’s why it’s so important to buy term life insurance, while investing separately in good mutual funds. If you’re canceling your whole life insurance, make sure you get term life before you cancel.
RESOURCES
Still wondering if term life insurance is better than whole life insurance? Listen here:
Hear more about the tax implications of cashing out whole life:
Learn the real truth about life insurance here:
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