It’s unfortunate, but getting new term life on your wife, and then lapsing the whole life policy and directing the premiums saved to some form of savings, is highly likely to be the best course of action.You're right, she's paying $105/month for the whole life. She's been paying into it for 18 months, sounds like she will just have to walk away with $0 and start over with term for her.
If your wife’s policy was 10 or 15 years old, it might have a use as a fixed income savings vehicle. But, at only 18 months in, it’s possible that it will be a few more years before the whole life policy has any surrender value at all, and probably more than a decade until the policy’s surrender value exceeds the premiums paid. (Get that inforce illustration to confirm my thoughts).
I’d view continuing to pay premiums on your wife’s policy as throwing good money after bad. Best to cut your losses and start anew with a term policy.
The ONLY way that I’d suggest keeping the whole life policy is if your wife has developed a condition in the last 18 months that renders her uninsurable.
Sorry to be the bearer of bad news. Get new term life in place and drop the whole life.
Post back with questions
Statistics: Posted by Stinky — Tue Jan 21, 2025 7:50 pm — Replies 27 — Views 1112