Advice on closing a (really small) life insurance policy?

[rwjones]

I'm a 23 year old healthy male medical student (read: $150,000 in educational debt so far), about $8,000 of which is credit card debt (life happened...). I just found out my father took out a life insurance policy on me with the payout if I croak being around $10,000. I can take a pretty large penalty and get $3,000-4,000 now and apply it to my credit card debt or simply leave it there and forget about it. What would you do and why?

[cschin4]

I would probably just cash it out and use the money now if you are single and have no family. But, you should not neglect looking into insurance down the road if you get married or have kids. Otherwise, if one is single, I see no reason to have life insurance. I don't need it for myself but for others left behind that would be affected by my demise. I didn't have life insurance until I got married and had kids, then we both took out sizeable term policies and disability.

[terces]

I did the same thing with some whole life insurance policies I was talked into. Never paid for themselves like they were supposed to do. Instead bought myself some term life insurance for waaaay cheaper and more coverage.