Getting Out Of A Life Insurance Plan
All Beau needs to do is get a term insurance plan in place and then drop his whole life plan.
ANSWER: Get your term insurance in place and close the whole life plan. You have a gain of $300,000 and you’ll have to pay taxes on the gain, but the insurance is only making you 3% - 4% interest. You need to get out of this plan and start investing your money in mutual funds which have an average interest rate of 12%. If that money had been invested in mutual funds for the past twenty years you would have $1 million now instead of just $300,000. That’s why whole life insurance is such a bad investment.