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I am a 59 year old female, widowed since 2005, became disabled in 2003 because of catastrophic illness. I have 3 whole life policies that have little cash value and since I am on limited monthly income I wonder if I should stop paying premiums on them.
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If you need the money to live on then you should cash out the policies. This is different than stopping premium payments. When you stop paying premiums, the insurance company uses your cash value to pay insurance costs until the cash value runs out - therefor you don't get any money back from the policies.
You should also understand that once you get rid of these policies, you will not be eligible for any new life insurance due to your circumstances.
I wish you good health in the new year.
-TM
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