Hi everyone, my Dad bought whole life insurace in 1994 and is thinking about cashing out the plan. Is it a good idea for him to do this since he will be 59 this year? I do not know when his policy will end. He is still healthy, but I don't know if he can get a decent life insurance plan at a good rate at his age. Any help is greatly appreciated.

Hello,

Odds are that your Dad will qualify for life insurance, even at age 59.

The best way for him to decide whether or not to cash in the current policy would be to compare it to a competitive alternative.

At the same time, your family should think about how much insurance he should carry at this point in his life.

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