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Discuss John F's answer to: Insurance help asap

Hi Jonathan here is a question that no one seems to want to or have an answer to, I have a whole life policy that i have had since 1983 for $100000 that i pay $61.80 for every month. I took a loan ...

John F Answered:

Mike C.

I have a couple of questions I would ask.

How long would your new term policy be for? If you let the policy lapse...that "loan" may be subject to income taxes. I would talk to a qualified agent in your area before you make that determination. I did pull up some quick pricing in MD, which is where I am. If all else were equal, it might make sense since the premiums for the same level of coverage on a new 30yr would be about half of what you currently pay. I would strongly urge you to get some advice before you simply let it lapse.

John F.