Hello,

Need a bit of help understanding the situation I'm in.

My wife has a whole life insurance policy, it was started by her dad when she was little, so it's been going for about 20 years.

We are recently married, and have now taken over the policy. A few months ago, we took out a "loan" against the cash value of the policy, at the recommendation of the insurance guy.

Now that I'm becoming a bit more financially savvy, I'm realizing that the "investment" portion of this policy is probably not the best place for us to have money, we could be doing better things with our limited funds.

I want to terminate the policy, using the cash out value to pay off the "loan", and net the rest (about 80 bucks i think...)

Is there any reason to keep the policy at this time? The insurance guy seems very nice, but he's a very good salesman, so I want to know exactly what I want to do before I speak to him.

Thanks!
Nick

I would not mix your investments and your insurance. It is a good idea to have life insurance as income replacement, but your investments are not going to grow into what they could when you mix the two. I would get a 20 year term policy, and work on investing. Find someone to invest with that you trust. Be skeptical and do some research. Those are the best suggestions that I have.