Should I Cancel My Whole Life Policies?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 23 August 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. Today's question of the day comes from Amanda in Connecticut.
0:27.0	Amanda writes,
0:28.0	My husband and I are in our late 30s and the only debt we have is our mortgage which will be paid off in the next year.
0:34.8	I'd like to start planning for Baby Step 7 and where to invest our money when we get there.
0:39.3	I listened to Breaking Free From Broke by George Campbell, and George mentioned that Whole and
0:44.8	Universal Life Insurance are not wise forms of investing.
0:48.9	I currently have three policies, one is a 10-year term, another is whole and universal, and one has a $70,000 cash value.
0:56.8	I have a 401k that is about 70 grand in it, and I'm wondering what I should do with the life insurance
1:01.9	policies. Should I keep them and keep paying them? what I should do with the life insurance policies?
1:03.0	Should I keep them and keep paying the monthly premium
1:06.0	or cancel some or all of the policies
1:09.0	and put that money towards different investments
1:11.0	or add the funds to my 401k.
1:14.2	You can't add the funds to your 401k.
1:16.5	You don't have a method for doing that.
1:17.5	401k is only payroll deduct.
1:20.0	So that's not an option.
1:22.0	But, George is right, universal life,
1:24.4	any kind of life insurance that has a savings program
1:27.0	built into it is a bad deal, 100% of the time.
	...

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