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Personal Finance and Investing

PJMcK

(23,276 posts)

2. I did that but for different reasons

Reply to GoneOffShore (Original post)

Sun Jul 17, 2022, 08:09 AM

Jul 2022

When I got divorced, we liquidated the "universal" policies I had set up, (they were essentially "whole life" policies each with an investment component).

It was a good decision. Good luck with your choices.

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Whole life policies cash out? [View all] GoneOffShore Jul 2022 OP

You might want to get a new financial advisor. Tomconroy Jul 2022 #1

I'm actually pretty happy with the other instruments he has us in. GoneOffShore Jul 2022 #4

I did that but for different reasons PJMcK Jul 2022 #2

I am most likely going to cash them out. I wanted the 'hive mind' help of others who have done this. GoneOffShore Jul 2022 #7

If you don't need the protection of insurance, I'd say cash them in bcool Jul 2022 #3

Insurance is like the casinos. multigraincracker Jul 2022 #5

That's a thing that I actually knew, but kind of forgot about. Thanks for the reminder! GoneOffShore Jul 2022 #8

If the survivor doesn't need the money, I'd dump the policies. The advisor is thinking of... TreasonousBastard Jul 2022 #6

Old school answers to new situations. I like it. GoneOffShore Jul 2022 #9

Not at all familiar with French tax law, or even us tax law bottomofthehill Jul 2022 #10

Policies are held in the US. No kids. Two are on me, three on Mrs GoS. GoneOffShore Jul 2022 #11

I'd say definitely cash them in. PoindexterOglethorpe Aug 2022 #12

Thank you. I have already cashed one in, and am waiting until the new year for the others. GoneOffShore Aug 2022 #13