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Ask Dave

Whole Life Ripoff

Scott needs to get out of his whole life insurance policy and switch to term insurance fast.

QUESTION: Scott realizes what a ripoff whole life insurance policy is, and wonders if he should switch to term insurance. Can’t be done fast enough, according to Dave.

ANSWER:  When there’s a hole in your pocket, don’t put money in it. Don’t wait for something that’s not working to work. Get your term life insurance in place and cancel this whole life crap.