11-22-2018, 01:18 AM
I bought a term life insurance policy for my son from Northwestern Mutual shortly after he was born. He'll turn 7 in February.
Some details:
Besides the life insurance policy, I'm also steadily investing for his college education through a 529 account and have accumulated about $50,000 so far.
Do you have any suggestions regarding the term life policy? Should I cancel it and just redirect the monthly outlays to his college fund?
Some details:
- monthly premium is $178
- accumulated cash value so far is about $8,500
- the policy itself is worth about $310,000 and growing based on dividends and premiums paid (started at $250,000)
- I've noticed that all premiums I pay now increase cash value about 1-to-1 (initially that was not the case, but I expected that)
Besides the life insurance policy, I'm also steadily investing for his college education through a 529 account and have accumulated about $50,000 so far.
Do you have any suggestions regarding the term life policy? Should I cancel it and just redirect the monthly outlays to his college fund?