My mom took out not one, but two, whole life insurance policies on me a couple decades ago. I guess either she figured I’d come to no good end and she wanted the cost of burying to be handled somehow and someone sold her on this idea, or she figured on popping me when the time seemed right … either way, she died before I did and made me the person who would inherit them.
So I now have a pair of whole life insurance policies, on myself. Changed the beneficiary (that was like pulling teeth, hate dealing with them). So the damn things are no longer set up so that if I die I get paid for it in compensation.
I’m still invested in gambling that I’ll die sooner rather than later, which isn’t a wager I’d tend to make.
Got a premium bill for both of them. One says the 2021 dividend is $96.21 and my premium is $77.25, the other has dividend of $50.05 and premium due of $97.80. So I’m holding these things and staring at them and trying to wrap my head around why having these policies is better than stuffing some money in a coffee can and labeling it “for burying me or otherwise disposing of the corpse when I croak”.
I have a bit of a brain-block on financial matters sometimes, and it seems to be worse on life insurance. I’ve let these sit here unpaid long enough that they’re now loaning themselves money at some variable interest rate using my policies as collateral or some such thing, which isn’t warming me towards the situation, but am I being foolish to be contemplating telling them to cancel them and hand me the cash value and then go stick it in a regular investment account instead? Are there reasons I should leave this money tied up in these whole life insurance policies?