Should I cancel my whole life insurance?
My husband (m41) and I (f41) are considering cancelling our whole life insurance. We have term life that would provide more than enough in case of the inevitable but we feel the money we spend on our whole life insurance could be better invested elsewhere. Background: Live in Ontario Canada, middle-class, both employed, no children (won’t have any), zero debt except our mortgage (~$130k) that we’re hoping to have paid off by 50, sufficient retirement savings, healthy (knock on wood), low risk lifestyle and jobs.
Just got out of a very sleezy meeting with our life insurance agent (and his boss who magically appeared once we told them we’re considering cancelling) who rattled off all these ridiculous hypotheticals trying to scare us into keeping it. I just want to know if it’s my rage against the fearmongering sleezball that has me wanting to cancel or if it’s actually a logical idea lol.
My husband and I would take the money we save (~$180/mnth) and put it into a long term investment of some sort.
TIA for honest responses/opinions.
submitted by /u/Mediocre-Hair-8009
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