Comments on: Contact Us http://retirementplanningnow.net Finding The Best Solutions And Ideas For Planning For Your Retirement. Fri, 03 Feb 2012 00:34:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Rob Lind http://retirementplanningnow.net/contact-us/comment-page-1/#comment-104260 Rob Lind Thu, 11 Aug 2011 16:09:40 +0000 http://retirementplanningnow.net/?page_id=6#comment-104260 Fresh out of college in the mid 90's with a job in software development, I was naive enough to allow a financial advisor to talk me into a variable adjustable life insurance policy. $700 per month I put into it for a 700,000 policy. Fast forward 16 years. I know I made a mistake and should have just purchased term insurance (if any at all) and invested the difference. But...now I am married with a family (kids are 6 and 12). My wife and I both have good jobs. (My wife also got talked into a similar insurance plan as I did). I am still shelling out 700 a month for this insurance, and my wife is spending 600 a month for hers. My question: What is the prudent thing to do at this point, 16 years into making these payments? Do I stay with it, or does it make better sense to cash out and do what I should've done in the first place? Thanks, Rob Fresh out of college in the mid 90′s with a job in software development, I was naive enough to allow a financial advisor to talk me into a variable adjustable life insurance policy. $700 per month I put into it for a 700,000 policy.

Fast forward 16 years. I know I made a mistake and should have just purchased term insurance (if any at all) and invested the difference. But…now I am married with a family (kids are 6 and 12). My wife and I both have good jobs. (My wife also got talked into a similar insurance plan as I did). I am still shelling out 700 a month for this insurance, and my wife is spending 600 a month for hers. My question: What is the prudent thing to do at this point, 16 years into making these payments? Do I stay with it, or does it make better sense to cash out and do what I should’ve done in the first place?

Thanks,
Rob

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