In Jan last year, I bought both an endowment and whole life insurance policies. Total monthly premiums add up to about $323. I bought these policies from my girlfriend's acquaintance.
Now, I am regretting it. The huge costs simply do not make sense to me now. I should have bought a term policy instead which costs only $10-20 per month, and invest the extra cash saved into other separate investment vehicles.
But because I have paid for about 1.5 year already, is it advisable for me to terminate now (and treat the money lost as a 'lesson' learnt) or to continue with this policy? That will mean I have to keep paying this amt for the next 24 years or more.
Thanks for the advice!
Orignal From: Insurance advice?
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