Term Life Insurance-Term Life Insurance Rates

savanna k asked:


My parents got me a whole life insurance policy when I was young. Now I’m 24 and have a full time job (have worked here for over a year) and am receiving term life insurance from my employer.

Do you think it would be a smart idea to cash in my Whole Life policy and pay off all of my debt. Instead of paying high interest rates and barely getting any of the principal paid off i could pay it all off and save my money for other things.

I don’t need two insurance policies right?! I am engaged but I don’t have any children, and don’t plan to for another 5-6 years.

P.S. I’m not really looking for advice on getting an extra job, I’m looking for financial advice about Insurance.

I have a Bachelors degree, I can do freelance work if i have to. I already work full time tho so I am avoiding getting another job. I would rather be broke than stressed to death, hah.
I do own the policy, its in my name. I already talked to my parents about it and they are fine with any decision i make.
Yall are giving me some really good things to think about. Appreciate the advice

I’m just now starting to understand all of my insurance/disability/and 401k stuff, and man is it confusing!

Anne