Advice on Policy?
Hello again Life Insurance friends,
I posted here a few weeks ago asking about my policy and I’m back again to get some clarity before I make a decision. I have a Whole Life 95 Policy with Guardian, sold to me via family friend at Park Avenue Securities. I have paid $720 per month for about 20 months now. And my wife has the same policy. Right now that 720 is really crushing out budget as its roughly 30% of our monthly income. It has totally stunted out chances at investing in other sources like a Roth IRA and 401k.
Ive been diving into my policy documents and from what I can gather is the policy is $470 for premium and $250 for a PUA to boost “investing opportunities”. We both really want to cancel and our family friend advisor is giving us the runaround and being really dodgy about it.
As far as I can tell my option are cancel it probably surrender like $7-8,000, try to lower the monthly payment to just the $470 and ride it out, or do a 1035 exchange(which I just learned about and don’t totally understand.
The death benefit is a little over 600k btw and the website says my cash value is $400, though it does say this may not be totally accurate. I am going to call Guardian today and try to get some more information.
We both really want out of these policies with the least damage possible, what would be the “least worst” path to take?
