I bought a whole life plan from a friend and now I pay around $500 per month (around 10%) of my pay, is it consider a lot and what should I do?

I agree with Luke Ho.

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I personally have a 50k coverage Whole life plan with CI bought at age 21, compare to Mindef Aviva Insurance.

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I have done my own studies on the IRR required to hit the death benefit. (ceveat, its for myself... so please do your due diligence)

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The breakeven point for retirement is at Age 67-82. Thereafter, it make sense for to draw by age 92.

For your own, you need to check upon yourself how this will affect the calculation.

I honestly hate it when people answer this question irresponsibly.

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Listen - if it meets your needs, it's the right policy.

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Is it a lot for a total of whole life and endowment plans? Not necessarily. If your goals were to get covered for a certain amount, and you are trying to save a certain amount in future - if you've gotten it done, then its a good thing.

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Are there more efficient ways of achieving these goals? Possibly. It depends how good your advisor is, because there's a ton of instruments that you can mix and match and many things depend on the kind of person you are.

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But with so little information available, all I can do is warn you that cancelling will cause you to lose your money AND your insurance. Again.

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It is possible to mathematically review if this loss is acceptable. I have done it for a 40 year old client. But I generally can't encourage people to cancel their policy because I have to take responsibility for it.

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Please ask people who have to be responsible if you carry out money-losing actions, not randoms online.

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