Thinking of cancelling our whole life insurance.

**disneysteve** · 06-02-2010, 05:36 AM

The only thing to watch out for when canceling a whole life policy is the surrender fee. In some cases, it is cheaper to keep it for a couple more years until the fee drops or disappears before replacing it with term.

In the long run, you definitely want to get rid of it and replace it with a cheap term policy. When you do, do not cancel until the new term policy is actually in your hands and in effect.

**terces** · 06-02-2010, 09:35 AM

I did this a few years after realizing the policy would probably never pay for itself and was minimal compared to the fees I was paying. Definitely make sure your term policy is in effect before canceling. And be prepared to stand your ground when canceling...they'll try and pull every avenue to try and get you to keep it.

PS Best thing I ever did.

**EconoMutt** · 06-02-2010, 10:42 AM

Definitely cancel it once you establish your term policy.

**disneysteve** · 06-03-2010, 06:56 AM

Originally posted by CHH1023

life insurance is a total scam (not worth your time and money)

I'm sure they were referring specifically to whole life. That is a scam for the most part. Term life is what everyone should have.

**tripods68** · 06-03-2010, 08:54 AM

Go buy Term instead.

**chuckhughes** · 06-04-2010, 08:13 AM

life ins

thinking to cancel a life insurence is a bad idea. the way economy is right now is better obtion to keep it.

**disneysteve** · 06-04-2010, 08:23 AM

Originally posted by chuckhughes View Post

thinking to cancel a life insurence is a bad idea. the way economy is right now is better obtion to keep it.

OP isn't going to go uninsured. He is going to replace a costly whole life policy with a much cheaper and better term policy. That makes a lot of sense.

Thinking of cancelling our whole life insurance.