Help, should we cancel our whole life?!!
My husband and I each have a Northwestern Mutual whole life policy: $123k death benefit, $200/month, held less than 2 years with an accelerated death benefit.
We also have:
• Term 80 policies: $800k each, $30/month, convertible to whole life until age 65
• His military SGLI: $500k (life insurance)
• He’s active duty and wants to retire.
We want to surrender both adult whole life policies and redirect the $400/month to our HYSA and a taxable brokerage. We are spending 640.00 total each month on insurance (we also have a whole life policy for our 2 year old son and I have a short term disability policy since my employer doesn’t offer it)
We want to redirect those funds into our roths or brokerage, but our agent is pushing back hard. I do worry about LTC as well. Are we missing something, or is this the right call?
Edit: We are 30 years old, have a 2 year old. Income 165-170k combined
Additional Edit: we each contribute 583 into Roth IRA , 1000/month into HYSA. We haven’t started the brokerage acct yet (one of the triggers for this discussion). He contributes 10% in his govt TSP acct and I contribute 8% to a 401k (employer offers discretionary match). In total, we are saving about 30% of our income per month. We have about 1300 as a buffer each monthly after bills groceries daycare gas etc.