Is My Variable Universal Life Policy Worth The Expense?
I have a variable universal life policy with a step down death benefit. I have contributed over $4,000 this year and have lost over $5,000 from the horrible market conditions. What should I do with it?? It is 30 months old and I am in my mid 30′s.
Let it go. No throwing good money after bad. ‘
Life insurance is a CRAPPY investment tool. If the goal is investing, buy some mutual funds. If the goal is payout when you die, buy life insurance.
I’m assuming if you dumped $4000 into a life insurance policy that you make $250,000 a year or more and have a large need for insurance that stays around for a long time.
If not, I’d question why you hae the policy.
you could probably get $250,000 LEVEL term insurance coverage for 1/10th of the premium you are paying and put the rest in a cd even for the time being – Universal life was one of the biggest scams of the insurance industry-cancel the policy – pull out any balance you still have if you can and switch over to term insurance – save yourself a fortune