Should I cancel my whole life and just keep term life ?

[MedicareMillionair]

Not that I disagree with you... but did you read his post where he wanted to cancel his whole life plan "to save money" - meaning cut out the cost from his budget? Until he sees the value (and/or earns more income), he won't jack it up. He's also single with no children... so he doesn't see the value of it for its own sake.

Thank you for pointing out my error. I think I got carried away!

 

[DHK]

It's very easy to do!

 

[WinoBlues]

One last thing on the whole life life, jack that death benefit up.

Why?
To what?
Based on what?

Just curious.

 

[MedicareMillionair]

Why?
To what?
Based on what?

Just curious.

If you read the previous post, I did not respond to the exact situation of the OP. However, for a young man of the OP age, I would always recommend "jack that death benefit up". First of all, dividend paying whole life can be on of the better investments available to the average American.

Second, the amount of permanent insurance the OP mentioned having is inadequate.

There are other reasons.

 

[Tahoe Ray]

If you read the previous post, I did not respond to the exact situation of the OP. However, for a young man of the OP age, I would always recommend "jack that death benefit up". First of all, dividend paying whole life can be on of the better investments available to the average American.

Second, the amount of permanent insurance the OP mentioned having is inadequate.

There are other reasons.

If you're trying to max the cash in a dividend paying whole life policy, you'd want as small of a death benefit as possible for your premium appetite and use whatever additional premium riders the carrier offers...

I also don't know how you say it's inadequate. Not everyone needs permanent life insurance.

 

[MedicareMillionair]

If you're trying to max the cash in a dividend paying whole life policy, you'd want as small of a death benefit as possible for your premium appetite and use whatever additional premium riders the carrier offers...

I also don't know how you say it's inadequate. Not everyone needs permanent life insurance.

You are correct in the concept of overfunded life insurance. I have suggested the same in the many life policies I have written.

The OP stated that he would like to get married. My recommendation that he have more permanent insurance would be the correct recommendation.