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Munchkincat
Posts: 65
Registered: ‎04-01-2010

Insurance Question

‎02-22-2011 02:56 PM

My hubby and I purchased a whole life insurance policy many years ago. Needless to say I'm finding out that might not have been the best way to go. Most financial "experts" say term life is better. My question is do any of you have this kind of policy, have you had this type and cancelled and if so, what kind of penalty did you have to pay? I know that you have to pay taxes on the amount that is returned to you and the insurance company also has some kind of fee you have to pay if you cancel. I'm just wondering if I should keep the policy or change to term and save some money? Advice from anyone? Thanks

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