Old Universal Life Policy

[tqf258]

A long time ago I took out some universal life policies on my spouse and daughter. Both are for 25k, the total monthly premium for both is ~$22.
I just received the yearly statement and am wondering if i should cash them in or keep them.

Daughter's (18) cost 8.67/month with a cash value of $1135.50, last years cash value was $1049.53

Wife's (38) cost 13/month with a cash value of $1951.06, last years cash value was $1801.27

The statement shows 4% interest.

It looks like i have kept these things long enough that the interest is paying most of the premium and the money i send is just going to the cash value.

Just looking for advice on what to do with them.

Wife does have a 500K term life policy now.

[cooliemae]

Personally, I would cash them out and use the money to fund:

EF
Roth IRA
Investment
Etc.

I think the money could work more for you elsewhere.

[Captain Save]

A long time ago I took out some universal life policies on my spouse and daughter. Both are for 25k, the total monthly premium for both is ~$22.
I just received the yearly statement and am wondering if i should cash them in or keep them.

Daughter's (18) cost 8.67/month with a cash value of $1135.50, last years cash value was $1049.53

Wife's (38) cost 13/month with a cash value of $1951.06, last years cash value was $1801.27

The statement shows 4% interest.

It looks like i have kept these things long enough that the interest is paying most of the premium and the money i send is just going to the cash value.

Just looking for advice on what to do with them.

Wife does have a 500K term life policy now.

how long ago did you buy the policy? .. it's probably not a great product given the low parameters but it will indicate on how well this has performed. I'm assuming your DB has been level throughout?

You can also have your insurance agent run an "inforce illustration" to see if you can just let it be. if you don't have to pay toward it and your family still gets 25k for a burial and some change left when you die .. it's not bad .. and you can use re-position your premium elseswhere..

[tqf258]

The policy is 16 years old. Yes it has always been a 25K and the premiums have been the same since i first bought it. I bought it from an old employer and it automatically drafts the money out of my account monthly.