Quote:
Originally Posted by BIC_BAWS
I wonder if it is the smoking that is resulting in this high of a life insurance premium. At the time, ten years ago, the difference wasn't that drastic, and my rate hasn't changed.
I hold two policies:
CanadaLife - $1014
Equitable - $2,266.04
I don't remember why I carry it.. aside from I've been paying it for the last ten years and it feels like a waste to cancel it now that im at 50% paid.
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It might be a huge waste to keep paying it as well and you may want to cut your losses now rather than keep paying. You're on the hook for another $33k - money that could go to something else whether it's paying off other bills, cheaper life insurance, or being invested with much higher returns. Whole life policies are generally bullshit and only suitable for people who need forced savings (and you do seem like you need to be forced to save).
You may be better off cancelling the policy, taking the money out and buying a term life policy (if you even need that since you don't have dependents). If the mortgage is the problem then get a 10 year policy that's just enough to pay it off your portion so your parents aren't on the hook - that would be a really cheap policy even though you're a smoker. You may even be able to convert your current policy to a term policy.
I'm not a professional (of course) so you'll need to talk to a professional to see how the numbers play out but I'm not sure keeping it is the right play here.