Term or Life insurance for a 24yo w no dependents? Should I surrender my whole life insurance for term then invest the rest?

I would assume you have read up on some articles regarding btir thus your question. Ofc the returns will definitely be better if the difference was to be invested somewhere else than to be in the life policy. This only works if you know how and can commit to it because the moment you cancel for a term policy, the premiums saved might not be used accordingly. The debate of life vs term cannot be solved because of different commitments and expectations.

Life is expensive because you are paying the premiums forward instead of spreading throughout like term. Life matures upon death/voluntary termination while term expires after a certain age. If you see no point holding life till old age, a term w rider would be the next best alternative. Its yo cash, do what you want.

Hi Anonymous,

Do note that if you surrender your whole life policy on this day, in addition to losing the protection coverage, the surrender value is likely $0 . Can you accept that loss? Do speak with your financial advisor on whatever concerns you may have.

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