I was sold a $500,000 Whole Life Insurance policy 5 years ago. Since following the blog and starting the WCI course, I now realize it was a terrible mistake. But what do I do now? I am 34, an ER doc, and four years out of residency. My wife is currently a resident and in 2.5 years will be an attending and making a lot more money. She has about $150,000 in loans and we are expecting to use the PSLF. I am able to maximize both our retirements and still contribute to a 529 plan for my two kids. My loans have been paid off. I pay an annual premium of about 5500 for the whole life insurance. I am in the process of saving for a new house. We currently rent and won't buy until my wife is done with training. I have about $ 30,000 in an emergency fund. Do I quit the Whole life plan cold turkey? Since I have started the process, should I just continue it? Any suggestions would be helpful.
- Scott
- Scott
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