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I purchased 2 whole life policies from State Farm; one in 2009 then another in 2010. Each policy is for $25,000 and combined they cost me about $55/month. At the time I figured they would be a good "investment" because the lady that sold them to me said they would be ....
I was 20 when I bought them and figured why not. But now I don't really see the need for them. I have a steady stream of income and have built a book of business with decent residuals so I don't really think $50,000 worth of life insurance is that important.
I don't know if this is a killer deal because I bought it when I was really young and should keep it or if I should just use the extra money to start a retirement fund.
I'm 27 years old with no kids. Should I cancel these policies and just wait to buy term when I'm older and have dependents or hold on to them?
I was 20 when I bought them and figured why not. But now I don't really see the need for them. I have a steady stream of income and have built a book of business with decent residuals so I don't really think $50,000 worth of life insurance is that important.
I don't know if this is a killer deal because I bought it when I was really young and should keep it or if I should just use the extra money to start a retirement fund.
I'm 27 years old with no kids. Should I cancel these policies and just wait to buy term when I'm older and have dependents or hold on to them?