This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.

Com slash invest.

You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. All right, let's go to Birmingham, let's see, Effingham, Illinois, and go to Missy.

What's going on, Missy?

Hey guys, I'm so happy to talk to you.

You as well. How can we help? Okay, so I want educated today. I want to know about my whole life insurance. I know that Dave doesn't like it. So I want to just cash it out and put that money on to our debt and get out of debt a few months faster.

But Dave also says, don't do things that you don't understand. So I want to understand these policies.

Yeah. And I just don't understand the you know what what I would get or what my my husband would get if I passed away I know Dave says like some of it the

insurance company is just gonna keep

that's right with most policies yes the way it's set up.

So first off, I mean, I would say, I love that you're digging into this.

I love that you're getting the sense that whole life isn't the way to go.

However, I wouldn't just up and cancel it, cash out, get your cash value and run.

We want to make sure that you're covered, that you have the right life insurance in place.

And we kind of like to bridge that gap and get one in place before you cancel the other one.

So if you're thinking about term life,

that's what we would suggest.

It's a whole heck of a lot cheaper.

And you get the coverage for the term

that you choose 15 or 20 years and that

frees up a lot of money that you could do your own investing with as opposed to

a whole life situation. My question though because my I have two policies two whole life policies and I only pay

...