Why Won’t My Agent Let Me Cancel My Whole Life Policies?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 30 June 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVestor.
0:07.9	Connect with an investing pro near you at ramsysolutions.com slash smartvester.
0:13.6	All right, let's go to Mike in Philadelphia, Pennsylvania.
0:16.3	Mike, how can we help today?
0:17.8	Hi, yes.
0:18.3	I had a question about my life insurance policies. I'm 70 years old.
0:22.8	I have four whole life insurance policies, which three of them I would like to cash in,
0:28.3	one I wanted to leave for when I do die, it'll pay for my funeral. And I have no debt.
0:36.3	Cars paid for, houses paid for, all that stuff.
0:39.3	And I just, it accumulates up, the surrender value on those three policies would be $70,520.
0:47.7	And I'd like to know, my insurance agent is trying to tell me not to cash it in.
0:54.5	He says, you know, what about your daughter when you die?
0:56.9	You know, you want to leave her some money.
0:58.3	But she's going to be sitting pretty anyway because she's going to get the money from my house and all that stuff.
1:04.2	You know.
1:04.5	Oh, yeah.
1:04.9	Yeah.
1:05.1	And you have no one dependent upon your income right now, Mike.
1:07.5	Do you?
1:08.7	Oh, just me and my wife.
1:10.0	Okay. What would your wife do if something happened to you?
1:14.0	I don't know. Good question, but like I said, house is paid for. She'd still get part of my
	...

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