# Whole life insurance **URL:** \ **Category:** Insurance\ **Created:** [April 10, 2026, 3:21am UTC](https://community.clark.com/t/whole-life-insurance/9159 "2026-04-10T03:21:05Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![Codagirl57](https://avatars.discourse-cdn.com/v4/letter/c/b2d939/32.png) [@Codagirl57](https://community.clark.com/u/Codagirl57)\ **Post date:** [April 10, 2026, 3:21am UTC](https://community.clark.com/t/whole-life-insurance/9159/1 "2026-04-10T03:21:06Z")
I’m trying to decide whether to keep my $25,000 whole life policy or not. I’m single, retired and don’t have any dependents. I’ve had it for 4 years and pay $92.00 per month. The surrender value is $1,326, the cash value is $1,312. I have my cremation paid for in full and a $10,000 life insurance company with my former employer that I don’t have to pay for. Just wanted to get some other thoughts on this. ---
**Author:** ![OU812](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/ou812/32/1549_2.png) [@OU812](https://community.clark.com/u/OU812)\ **Post date:** [April 10, 2026, 7:33pm UTC](https://community.clark.com/t/whole-life-insurance/9159/2 "2026-04-10T19:33:47Z")
> [@Codagirl57](#): > > I’m single, retired and don’t have any dependents So why do you even have this policy if you have another $10,000 policy that will cover everything? ---
**Author:** ![p1g1](https://avatars.discourse-cdn.com/v4/letter/p/cab0a1/32.png) [@p1g1](https://community.clark.com/u/p1g1)\ **Post date:** [April 10, 2026, 8:04pm UTC](https://community.clark.com/t/whole-life-insurance/9159/3 "2026-04-10T20:04:43Z")
You do not have a need for a life insurance policy. The surrender value of $1300 is likely insufficient to meet annuity policy minimums to do a 1035 exchange to an annuity. You can obtain expert opinion from James Hunt with the Consumer Federation of America but not cost effective (the current charge imay be $125) for your policy’s small surrender value. ---
**Author:** ![Codagirl57](https://avatars.discourse-cdn.com/v4/letter/c/b2d939/32.png) [@Codagirl57](https://community.clark.com/u/Codagirl57)\ **Post date:** [April 10, 2026, 8:16pm UTC](https://community.clark.com/t/whole-life-insurance/9159/4 "2026-04-10T20:16:51Z")
I got the policy when I divorced. At that time I forgot about my other policy and in the last year I’ve been reviewing my expenses with a clear head. ---
**Author:** ![p1g1](https://avatars.discourse-cdn.com/v4/letter/p/cab0a1/32.png) [@p1g1](https://community.clark.com/u/p1g1)\ **Post date:** [April 11, 2026, 4:13pm UTC](https://community.clark.com/t/whole-life-insurance/9159/5 "2026-04-11T16:13:45Z")
Pat yourself on the back for your progress. ---
**Author:** ![GarOh](https://avatars.discourse-cdn.com/v4/letter/g/f4b2a3/32.png) [@GarOh](https://community.clark.com/u/GarOh)\ **Post date:** [April 13, 2026, 6:24am UTC](https://community.clark.com/t/whole-life-insurance/9159/6 "2026-04-13T06:24:00Z")
depends on your age. $92/mo seems high for $25k ---
**Author:** ![Codagirl57](https://avatars.discourse-cdn.com/v4/letter/c/b2d939/32.png) [@Codagirl57](https://community.clark.com/u/Codagirl57)\ **Post date:** [April 13, 2026, 2:59pm UTC](https://community.clark.com/t/whole-life-insurance/9159/7 "2026-04-13T14:59:31Z")
I am beginning to realize that it’s high. I’m 68 and I’ve had it for 4 years. Because I have no dependents, I also realize that I don’t need it and that there are other ways to leave money for my family. ---
**Author:** ![Tony\_Trevino](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/tony_trevino/32/536_2.png) [@Tony\_Trevino](https://community.clark.com/u/Tony_Trevino)\ **Post date:** [April 14, 2026, 2:36pm UTC](https://community.clark.com/t/whole-life-insurance/9159/8 "2026-04-14T14:36:26Z")
For someone in your situation, I’ve read experts say that you don’t need life insurance (having no dependents) Insurance must have a purpose. I can see where continuing to pay makes it hard to cancel, but I would cancel. (just me) Do it. ---
**Author:** ![Joe\_Black\_Sr](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/joe_black_sr/32/1524_2.png) [@Joe\_Black\_Sr](https://community.clark.com/u/Joe_Black_Sr)\ **Post date:** [April 14, 2026, 10:46pm UTC](https://community.clark.com/t/whole-life-insurance/9159/9 "2026-04-14T22:46:36Z")
Basically, Life Insurance is primarily to replace someone’s income. These small “Burial” policies are expensive. I’d cash it in and put $100/month in a savings plan. Regardless of your age, if you are not dependent on someone else’s income, you really do not need it. Whole life is nothing but a Term Policy with a savings benefit, which is rarely as good as you can get even at a bank. Term Life is much cheaper if you need it and availible online. Mortgage Life Insurance is just an expensive term policy. You can do that yourself . . . if you need it. If you want to leave something to someone tax free, life insurance will do that. ---
**Author:** ![Codagirl57](https://avatars.discourse-cdn.com/v4/letter/c/b2d939/32.png) [@Codagirl57](https://community.clark.com/u/Codagirl57)\ **Post date:** [April 24, 2026, 6:35pm UTC](https://community.clark.com/t/whole-life-insurance/9159/11 "2026-04-24T18:35:41Z")
I’ve decided to surrender my whole life insurance policy. Thankfully I don’t have any surrender fees.