Should We Cash Out Our Whole Life Policy?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 26 March 2025

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVester.
0:08.0	Connect with an investing pro near you at ramsysolutions.com slash smartvester.
0:13.8	Lauren is in St. Paul.
0:15.6	Hi, Lauren. Welcome to the Ramsey Show.
0:17.7	Well, hello, Dave. How are you today?
0:19.4	Better than I deserve. What's up? Okay. I have a question
0:23.5	regarding long-term health care insurance. My husband and I, back when we were married,
0:29.4	bought whole life insurance policies because that's what our parents did for us, but we changed
0:35.6	them over on and on.
0:44.2	Our financial advisor is suggesting that we cash those in and invest in a long-term care insurance for nursing home in that in the future.
0:46.7	Just wondering what your thoughts are on that situation.
0:51.4	Well, catching the whole life in is a no-brainer, assuming you have enough life
0:55.3	insurance to take care of you. What's your own net worth? Um, right now about 600,000. Okay. And
1:03.5	how old are you guys? Um, we are 62 and 64. Okay. If he dies with no life insurance,
1:09.9	are you okay?
1:13.0	Yes, yes.
1:15.2	I mean financially.
1:23.3	Yes, yes, I would be fine, yes, because that does not include what he is, so he's a minister,
1:27.3	and he would get like a retirement through there also.
1:29.5	That survives him?
1:31.6	Yes, yeah.
1:35.7	He cannot collect that until he's 67 and a half.
	...

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