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If you exchange a self paying whole life policy bought at age 27 for a paid up variable life policy at age 46 what would happen to your cash value and is it generally a bad idea?
Wiki User
∙ 17y ago
It's a bad idea. The salesman likes it though because he gets a new comission check. You are older now so your cost of insurance is greater, also your heath may be an issue so that would give you and even bigger increase in premium. What this translates to is less insurance coverage for the same amount or more money. Also, Variables have charges in them. It costs you to play the market with no guarantees. Whole Life is always a good idea! Where you are paid up, or the dividends are paying your insurance premiums, I would suggest sitting down with a good advisor and look at either another WL or Term and buy mutual funds but leave the WL alone! Good advisors ARE available at no fee. 4lifeguild
Wiki User
∙ 17y ago
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