Life insurance whole life plan
I’m 33 and bought a whole life policy from MassMutual in 2023 and I’m trying to figure out if it’s actually a good long-term setup or if it was designed more for insurance protection than cash value growth. Or if it’s possible to make some adjustments with my student loans going up
I probably will need to reduce how much I’m paying if that’s possible
Details:
Whole Life Legacy 65 (paying until age 65)
Issued at age 31 (no medical problems)
Face amount: $500,000
Monthly premium: $761/month (~$9,140/year paying monthly)
Company: MassMutual
Risk class: Ultra Preferred Non-Tobacco
Riders included:
Long-term care rider
Waiver of premium rider
Guaranteed insurability rider ($125k option)
Accelerated death benefit rider
Dividend option:
Paid-Up Additions (PUA)
Current status:
Started May 2023
About 3 years in
Current cash value around $7.7k
Total paid in roughly ~$27k
Guaranteed values from illustration:
Year 5 cash value: ~$19k
Year 10 cash value: ~$54k
Year 20 cash value: ~$138k
Year 30 cash value: ~$232k
Wondering if I should decrease payment to put towards stocks and my student loans
Vs riding this out
Or if it’s possible to
Adjust terms or reduce payment somehow with losing some benifits
Keep it as is?
Try to add more PUAs?
Reduce riders?
Pivot future money toward investing instead?
For people who kept policies like this long term was it worth it?
Any advice helps.
Recently had a wedding and spent more then I should have
Helping family members
Then student loan went up after being removed from save plan
Currently bills are being paid but doing extra overtime to cover