I am single and have no kids or wife. I have A policy from State Farm which is a select term basic plan the plan amount is for $100,000.00. I also have a whole life plan from American income life the face amount is $30,786.00. I have had the whole life plan since 2007 and I pay around 40 dollars a month. I was thinking about canceling my whole life plan and just keeping my term life plan. What do you think ? My income is a round 37 thousand a year
Should I cancel my whole life and just keep term life ?
- Thread starter Jim1174
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how much you paying for the term....
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I pay about $16 a month
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well that is the first thing....call and ask if you cancel the plan how much do I have built up.....
- 24,971
It should be on the non forfeiture page in your policy. Probably is the front few pages.
When does the Term term out? Are you comfortable with maybe not being able to get more coverage then or being priced out.
The surrender value from the Whole Life 'may be' of help in buying down or shortening the premium of a new plan if that is what you decide you want.
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I bet you will find that your AIL policy is NOT whole-life. I've run into a million of those and every one of them thought they had whole life. But they hardly ever did. You will find that it is non-guaranteed UL and most likely underfunded to carry it through unless you die at a very young age.
Oddly enough another company that I run into that same thing is State Farm. But if you have their term it's probably really term. But it's likely not priced great.
I would figure out if you are really needing whole-life or term or a mixture of both and shop the rates with a broker for what you really need. Then get rid of both of those unless you discover that the State Farm is priced in the ball park.
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