Life & Health Insurance/life insurance
Hello I have a life insurance policy. And i have taken a loan out that is 2,400 dollars. Because at the time had a lot job loss And hardships This is how much the loan was to start with I pay 8.05 a month for my insurance I just know I will not be able to pay the loan back Because having hard time finacially I feel like i will be paying on this the rest of my life My question Is do I need life insurance should i close the claim If i close the claim I will get 600.00 cash value Back I believe this what i need to do Thank you Carolyn
I'm not sure I completely understand the question, however it seems clear that you are struggling to pay for the life insurance, while the loan on your policy continues to increase.
Unfortunately, I do not know enough about your situation (your income, family/dependents, health, etc) in order to accurately answer you as to whether you need life insurance, so it is hard to properly answer your question with the information provided.