A reader of my blog reached out to me with this question. I'm inclined to recommend getting term life policies in place and then cancelling the whole life. I thought I would get some thoughts from you guys .....
"I am an emergency physician with custom whole life policies (with cash values that are on track to break even at the 10 yr mark) for myself and my 3 children (ages 8, 7, 3). Mine is 4 yrs old and I have put in $2k/mo. My children have had theirs for 2-3 yrs and have put in $500/mo in each. The children's policy premiums are until they reach 18 yo. Based on your experience, does it make sense to cancel either mine or the children's policies and consider it a stupid mistake or just continue, knowing that after the policy term is done, the policy cash value grows yearly without additional premiums paid. For example, mine is projected to add $30k yearly after age 60."
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