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CALLER Q&A: Should I Cash In My Whole Life Insurance at Age 70?
In this episode, we take a powerful call from Mike in Philadelphia , who’s 70 years old and asking if he should cash out three of his four whole life insurance policies. He has no debt, owns his home and car outright, and has over $700,000 in retirement accounts . His goal? Keep one policy to cover funeral costs and possibly leave a small legacy — but his agent is advising him otherwise.

We break down:

Why whole life insurance is often a poor investment choice.
The real cost of surrendering those policies (including tax implications).
What to do with the cash once you get it back.
Why term life insurance is usually the better option — even for older adults.
And a shocking look at how much money Mike could have had if he invested that money instead.
📊 Plus, we use our Ramsay Investment Calculator to show just how much Mike lost by investing in whole life instead of a proper growth vehicle like mutual funds.

Spoiler alert: It’s A LOT more than $70,000.

🎯 Key Takeaways:
Whole life insurance ≠ investment. It's expensive and underperforms compared to standard investments.
If you're retired, debt-free, and financially secure, you likely don’t need life insurance anymore.
Always consult a tax professional before surrendering policies to understand the tax consequences.
Consider putting surrendered cash into a high-yield savings account or low-risk investments for liquidity and safety.
For true protection, term life insurance is the affordable, effective alternative.
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