Thank you for taking the time to consider this situation. I hold two whole life policies, courtesy of a close friend's recommendation (he worked for NWM). My current situation is:
$15,141.26 Cash Value
$21,818.84 Basis
38 months in
$14,937.27 Cash Value
$23,446.80 Basis
52 months in
I'm 30 and single, so I'm not in dire need of life insurance at the moment (and certainly can get term when the time is right).
I'm considering converting my current cash values to a variable annuity via the IRS 1035 process, and allowing my "investment" to get back to even, and then investing the money from there. I figure it should take about 6 years-ish with an aggressive VA to get there.
Any thoughts? I keep reading here that the best time to get out of whole life is immediate...I hope this is the right move.
Thanks,
Rob
$15,141.26 Cash Value
$21,818.84 Basis
38 months in
$14,937.27 Cash Value
$23,446.80 Basis
52 months in
I'm 30 and single, so I'm not in dire need of life insurance at the moment (and certainly can get term when the time is right).
I'm considering converting my current cash values to a variable annuity via the IRS 1035 process, and allowing my "investment" to get back to even, and then investing the money from there. I figure it should take about 6 years-ish with an aggressive VA to get there.
Any thoughts? I keep reading here that the best time to get out of whole life is immediate...I hope this is the right move.
Thanks,
Rob
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