What to Do with an Old Life Insurance Policy
Mary retired several years ago and was living a modest, yet comfortable life provided by her Social Security income and retirement savings. Having been a few years into retirement, she had a good sense of her spending habits and future needs. Yet she wasn't sure about one piece of her financial planning: an old whole life insurance policy.
The whole life insurance policy had a small balance of roughly $25,000, yet she was still paying the premiums of $2,500 per year. With her two grown kids out of
