Allisonfaye
Brilliant_Rock
- Joined
- Oct 18, 2004
- Messages
- 1,456
I am wondering if you smart ladies can give me any advice in the husband handling department. DH and I have been married for 7 years and he has 3 whole life (actually I think it is one whole life and 2 universal life policies.) I don''t really know the difference but everything I read, hear, etc. says these are a bad idea. Like my husband, I too was ''sold'' this type of policy in my early 20''s and they were touted as being the only retirement that you would need because they would pay you a boatload of money when you do. I cashed mine in about 10 years ago.
We have other life insurance because the face amount of the policies is not nearly enough so that is not really the issue here. Although since this financial crisis and our net worth has gone way down, we could use a beef up in the term life insurance. Bottom line: I want to cancel the policies. They are costing us a hefty monthly payment. I don''t care if we invest the money monthly or if we just use part of it to buy term, invest the rest, whatever. But I hate making costly, dumb mistakes with our money. Dh is a smart guy but he has trouble admitting this was a mistake so he just won''t consider cashing them in. Any advice on how to get a stubborn man to do something?
We have other life insurance because the face amount of the policies is not nearly enough so that is not really the issue here. Although since this financial crisis and our net worth has gone way down, we could use a beef up in the term life insurance. Bottom line: I want to cancel the policies. They are costing us a hefty monthly payment. I don''t care if we invest the money monthly or if we just use part of it to buy term, invest the rest, whatever. But I hate making costly, dumb mistakes with our money. Dh is a smart guy but he has trouble admitting this was a mistake so he just won''t consider cashing them in. Any advice on how to get a stubborn man to do something?