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That is what Jess did. She is on the line calling from Florida. Hi Jess what can I do for you?

Hi Jill I have a question about a life insurance policy that I have ago with about forty five thousand dollars rolled

over from two previous life insurance policies.

Now I've been kind of more looking into finances and I've realized that that was probably a bad

investment because I don't have kids and I don't plan on having kids and I don't make a whole lot of money

And so I'm wondering if I should surrender that policy and invest it in something that might have a little lower cost on the back end.

Okay, so you put 45 grand in six years ago

and that was what's called a 1031 exchange.

I'm sorry, 1035 exchange. 1031 is a real estate exchange, so it's a 1035 exchange.

Any need for life insurance at all?

I honestly don't think so.

I don't have any real you know beneficiaries that would need

money okay the surrender period so for everyone listening when you buy one of these permanent life insurance policies,

what happens is you have a sliding scale down. So you put $45,000 in and if you pulled all that money out in the first year,

sometimes it's a 10% or 12% and then it goes down.

Do you know what the surrender percentage is right now? I don't know the percentage but I know the value. It would be

about $1,200. Okay. So any need for the money so if we took the 45,000 and you ended up netting I'm just

going to make it up $40,000 because there may even be some tax that's due in

addition to the in addition to the surrender charge.

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