Keeping it just because you were paying it for the last five years is like keeping a streaming video subscription that you no longer want just because you were also paying for that for the past five years. If you no longer want that coverage in the future then you should cancel. You've been purchasing coverage from a life insurance company so they will pay out a death benefit if you pass away. If your life insurance really is a term policy, then you haven't been "contributing" anything for the past five years. If I’ve forgotten any major details I’m happy to answer your question. If I no longer pay the $30 for my Primerica policy, I could put that towards my car instead. My goal is to have my car loan paid off a year early and put any additional $ per month to snowball payments. I am not planning on having children, the only debt I have is my car ($9k) and student loans ($23K) or should I wait until those are paid off? Also, I should mention that my employer has a life insurance policy for me of my salary ($52k) I’m kicking around the idea of canceling my life insurance policy even though I’ve been contributing to it for 5 years. Should I cancel my life insurance policy and transfer my Roth to Vanguard or Fidelity? My employer 401k is with fidelity, so should I move it to there? I also have a Roth IRA but it’s not performing well (I’m aware that’s because of the market, not necessarily them). I pay around $30 a month for the premium. Policy is currently $150,000 and stops when I am 61. I’ve had a term life insurance policy with Primerica since 2018. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.ģ2F. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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