All Life Insurance Tips

I have $45000 in a whole life insurance policy that keeps growing. Should i take out that money and put elsew?

Public Comments

1. You should look into the possibility. However, your situation is unknown to the people here, so any advice you get may be incorrect. If you do take it out you may have tax ramifications if you don't do it correctly. Also, leaving the money in the policy may cause it to become a modified endowment. You should talk with your agent or a certified financial planner for your options.
2. Be aware you are liable for taxes on the money you take out once you terminate the policy. Check with your insurance agent AND tax preparer.
3. You mean, the CASH VALUE is $45,000? Do you want to cancel the policy? If you take out the cash value, WITHOUT cancelling the policy, it's considered a LOAN, and you ahve to pay interest to the insurance company - and if you don't, and die, the $45,000 AND ALL THE INTEREST is subtracted from the payout amount. Do you still need life insurance? Can you buy it cheaper, like a term policy, elsewhere? There are WAY too many questions unanswered for you to get any valid advice here.