Not Done

Karen needs to convince her husband that the whole life plan is causing them to lose money!

QUESTION:
Karen’s husband has about six whole life policies with a total cash value of $25,000.  They borrowed on one of those policies to make the down payment on their home and every year they get a bill for the interest on their own whole life policy.  Karen wants to cash these out, but the insurance agent has lied to them about the value of these whole life policies and her husband wants to keep them.  What can she do?

ANSWER:


Read what Dave says:
This policy you have is a $25,000 loss upon death.  It’s not free – you’re losing on the interest on that $25,000.  If you had it in a good growth stock mutual fund, you would be earning about $3,000 a year.  Instead you have this policy that’s only giving you about 2% and you lose the money when you die.  With a mutual fund you could be getting 12%-14%, which could be used to change your family tree.  The whole life policy is a horrible investment.  It’s the worst financial investment on the planet!

You need to convince your husband that this plan is causing you to lose money and that you are not insured.  Then send a letter to the insurance company canceling your policy. 

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