Help understanding what I have and what to keep

Hi everyone- To preface, my dad is an insurance agent with Allstate and he has always handled my life insurance needs. The issue is that I’m not sure exactly what I have and what is worth keeping

I am a single female in my mid 40s with 2 children. I am a homeowner since 2020 and work full time in healthcare. I contribute to a 401k and I am fully vested in a pension. I also have about 105k in term life insurance through my employer.

A few years ago my dad bought 2 policies for me : 1. a universal life policy bought in 2020 with a death benefit of 350K, policy value around $1700 at a quarterly cost of $664 2. A variable universal life policy bought back in 2021 with a death benefit of 250K, policy value around $6300 and a quarterly cost of $405.

I have not been paying on either of these after the initial year on both because it became too much for me to handle on my income. Currently the policy is losing value at about $60/month on the first policy above and $40/month on the second policy.

Since I already contribute to a retirement account should I let the policy value keep dwindling or should I try to pay them? It seems like a lot of my money goes to commissions and fees – much more than my retirement plan. Can someone help explain the pros and cons of paying vs not paying the quarterly premium on these? I’d almost rather divert that money to my workplace retirement account. Thanks!

submitted by /u/Piscesismyfavorite
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