Term life insurance is much less expensive than whole life. Plus, did you know that you lose the part of your whole life policy known as the “savings plan” or “cash value” when you die? They only pay the face amount of the policy. So, close it out and stop pumping money into that thing!
But don’t leave yourself uninsured. Make sure you have the proper coveragein a term policy first. There is never a good time to save money inside a rip-off, whole life, cash value insurance plan!
*Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Timesbest-selling books: Financial Peace, More Than Enough, The Total Money Makeover andEntreLeadership. The Dave Ramsey Showis heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com