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I'm considering cashing out my whole life policy started in 1993.
Amount $25,000
Current age: late 30s
Cash out Value: $3500
Annual Premium: $150
It doesn't make much financial difference either way to me, but I don't plan to die soon and it is a pain to remember to pay $150 every year.
No debt.
Net worth: 7 figures
Additional Term 2 million at this point (I am not ready to cancel this yet)
Working, no plan to retire soon. Cash out value would be added to investment plan and assets allocated in that regard.
I understand the Cash out value is not taxed under income tax. Are there other considerations I should think about before cashing out and getting rid of whole life insurance ?
Amount $25,000
Current age: late 30s
Cash out Value: $3500
Annual Premium: $150
It doesn't make much financial difference either way to me, but I don't plan to die soon and it is a pain to remember to pay $150 every year.
No debt.
Net worth: 7 figures
Additional Term 2 million at this point (I am not ready to cancel this yet)
Working, no plan to retire soon. Cash out value would be added to investment plan and assets allocated in that regard.
I understand the Cash out value is not taxed under income tax. Are there other considerations I should think about before cashing out and getting rid of whole life insurance ?
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