Take Term Life

Will already has a term insurance policy, so in his case Dave advises to cash out the whole life policy since it's a rip-off anyway.

QUESTION: Will is disabled and has a term life insurance policy. When he was a teen, his dad bought a $13,000 whole life insurance policy that now has a cash value of $1,500. Should he cash that out?

ANSWER:  If your term insurance is adequate at $250,000, then I’d cancel it. Cash value life insurance is a bad place to keep money. If it’s the only policy you have and it’s a $100,000 policy and you couldn’t get any other insurance, I wouldn’t tell you to cancel that. But in this case it’s a very small amount of money and you already have another policy that’s about the correct amount, and that makes this a complete rip-off.