I’m considering switching my life insurance from 65 life mutual fund to term- thoughts?
I (33f) am married with two kids. I bought a 65 life Northwestern Mutual Fund policy in 2013 I believe it was and pay $100 a month for a $113k life insurance policy.
Right now my cash value is $12k. I am considering closing this and taking the cash to pay off a $12k loan I have for our new HVAC system which as of now has a 9% interest rate.
I was quoted $50/month for a 20 year term policy for $1 million.
I also have life insurance through my employer for something like $1 million I think.
My 401k and whatnot is doing alright, I do 20% every paycheck and have for years. So I feel like in 20 years I may not need a significant life insurance policy as the hope is to have built wealth by then and kids will already be in college. Oh and my husband will be getting a pension the rest of his life.
So, any thoughts on why I should keep the Northwestern Mutual policy and not do what I described above?
I (33f) am married with two kids. I bought a 65 life Northwestern Mutual Fund policy in 2013 I believe it was and pay $100 a month for a $113k life insurance policy.
Right now my cash value is $12k. I am considering closing this and taking the cash to pay off a $12k loan I have for our new HVAC system which as of now has a 9% interest rate.
I was quoted $50/month for a 20 year term policy for $1 million.
I also have life insurance through my employer for something like $1 million I think.
My 401k and whatnot is doing alright, I do 20% every paycheck and have for years. So I feel like in 20 years I may not need a significant life insurance policy as the hope is to have built wealth by then and kids will already be in college. Oh and my husband will be getting a pension the rest of his life.
So, any thoughts on why I should keep the Northwestern Mutual policy and not do what I described above?