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07.13.08, 17:17 PM General Topics
12 replies
Have any of you ever cashed in a life insurance policy? Are there penalties for doing this ahead of your retirement age? [ Reply | Watch | Flag ]
General Topics 07.13.08, 05:17 PM Flag
 

Dear UrbanBaby community,

Thank you so much for being a valued member of the UrbanBaby community. We wanted to inform you that we are shutting down the site on July 6th. We are grateful for your participation and support that has helped make UrbanBaby such an important resource to parents for many years.

If you have any questions or concerns, you can email us at urbanbaby-support@cbsinteractive.com.

Thanks so much,

UrbanBaby Support

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Whole life insurance is a ridiculous investment [ Reply | More ]
General Topics 07.13.08, 05:24 PM Flag
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how could you say this? [ Reply | More ]
General Topics 07.13.08, 05:26 PM Flag
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Virtually every single FA will tell you this, hardly a surprise. If you want investments buy investment if you want insurance buy Term. [ Reply | More ]
General Topics 07.13.08, 05:27 PM Flag
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Yes this is true [ Reply | More ]
General Topics 07.13.08, 05:28 PM Flag
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ita, I bought term life insurance through allstate, and the poorly trained salesperson kept trying to convince me to buy whole life, but his facts didn't add up at all. [ Reply | More ]
General Topics 07.13.08, 05:30 PM Flag
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So if you had a whole life policy, would you recommend just taking the money out and investing it elsewhere and in term? TIA [ Reply | More ]
General Topics 07.13.08, 05:30 PM Flag
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Yes cash it out, buy Term life and reinvest the whole life funds in a straight mutual fund or whatever investment vehicles you use. [ Reply | More ]
General Topics 07.13.08, 05:32 PM Flag
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Thanks. One last thing...do you know if there are penalties for cashing it out early? I bought this policy straight out of college because it seemed like a good investment. Now...years later I have other thoughts for many of the reasons you have stated above. [ Reply | More ]
General Topics 07.13.08, 05:34 PM Flag
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Sorry I do not know this having never purchased Whole Life. [ Reply | More ]
General Topics 07.13.08, 05:35 PM Flag
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Well you were VERY helpful anyway. Thank you. [ Reply | More ]
General Topics 07.13.08, 05:36 PM Flag
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Before you decide what to do, find a competent financial adviser to go over the fee, etc. with you. It may be better to just leave it at this point, if you have had it since college. [ Reply | More ]
General Topics 07.13.08, 05:41 PM Flag
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Why do you say this? [ Reply | More ]
General Topics 07.13.08, 05:27 PM Flag
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