could really use some advice here.
short story 36 y/o male surgeon healthy, engaged no kids yet. 46K student loan [email protected]%, salary 375K. only other debt modest mortgage.
I was convinced to purchase a adjustable comp whole life plan from northwestern mutual. This was advised by my doctor specific NWM financial advisor instead of paying off my loans. This was before I started understanding my finances and I was very naive when just starting practice. 2 million dollar plan for $26K per year. I am now 2 years in and have put in $51K and my cash policy worth is $18K. now I understand that my cash value will grow with time, but I am kicking myself with the fact that I could have $51K to finish off my loans etc. ( I also hate the fact that 33K of my money is just in the ether some where) I don't have a lot of expenses so I don't "need" the $2,300 a month that goes into my whole life policy, but I still wonder what my options are. couple questions
1. Is there any way I can go back to term insurance and not lose the entire 51K I have invested? Is there an adjustable back towards term?
2. Will my cash value ever get back to offset the premiums I have put in?
3. If I wanted to change my agent and keep my policy what would I have to do?
I really appreciate anyone's advice. My education continues,
doc01
short story 36 y/o male surgeon healthy, engaged no kids yet. 46K student loan [email protected]%, salary 375K. only other debt modest mortgage.
I was convinced to purchase a adjustable comp whole life plan from northwestern mutual. This was advised by my doctor specific NWM financial advisor instead of paying off my loans. This was before I started understanding my finances and I was very naive when just starting practice. 2 million dollar plan for $26K per year. I am now 2 years in and have put in $51K and my cash policy worth is $18K. now I understand that my cash value will grow with time, but I am kicking myself with the fact that I could have $51K to finish off my loans etc. ( I also hate the fact that 33K of my money is just in the ether some where) I don't have a lot of expenses so I don't "need" the $2,300 a month that goes into my whole life policy, but I still wonder what my options are. couple questions
1. Is there any way I can go back to term insurance and not lose the entire 51K I have invested? Is there an adjustable back towards term?
2. Will my cash value ever get back to offset the premiums I have put in?
3. If I wanted to change my agent and keep my policy what would I have to do?
I really appreciate anyone's advice. My education continues,
doc01
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