Insurance for dummies(life insurance)?

Please help . I took out a life insurance policy about 8 years ago it is a whole life insurance policy and has some cash value .I recently discovered I have a group life insurance policy at work . Should I keep both or cash in the whole life insurance policy which is worth about 11,000 in coverage and 1,100 in cash value . The work policy is worth about 65,000 in coverage and 0 cash value
P.S I called the ins co. but would like an opinion from someone who isn,t trying to sell me.

Answers:

1you can turn your whole life policy into a "Paid up" policy. Check with your agent or company, this is easy to do. Generally, whole life is a rip off and generates lovely commissions for the agent that sold it to you. Term insurance is much much cheaper and provides a much greater death benefit than whole life.

A downside to group insurance is that it goes away if you leave the job.

Another option for your policy is to stop paying premiums and let it go on an extended term option. In other words the cash value will be used up over time paying for your 11,000 in coverage, but the covereage will convert to cheaper term. Once the cash value is used up the policy will terminate

Another option for your existing wholelife policy is to cash it in and use some of the proceeds to pay for a greater amount of term insurance depending on your need for additional life insurance.

Most people are underinsured.

Gawd insurance is WAY boring.

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