In Jan last year, I bought both an endowment and whole life insurance policies. Total monthly premiums add up to about $323. I bought these policies from my girlfriend's acquaintance.Now, I am regretting it. The huge costs simply do not make sense to me now. I should have bought a term policy instead which costs only $10-20 per month, and invest the extra cash saved into other separate investment vehicles.But because I have paid for about 1.5 year already, is it advisable for me to terminate now (and treat the money lost as a 'lesson' learnt) or to continue with this policy? That will mean I have to keep paying this amt for the next 24 years or more.Thanks for the advice!

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Yes, yes, yes! Maybe you can get these policies "converted" to term insurance. If not, just drop them and charge it up to experience. Then buy your term insurance, and shop around first before doing so.Whole life policies [and "endowment" policies] do nothing at all except pad the pockets of the insurance agent and the insurance company. You are paying for their new Mercedes!Suze Orman[listen to her on CNBC on Sat. nights] always says, NEVER buy whole life policies! You should always buy TERM INSURANCE. That's all the coverage you'll ever need.P.S. I don't know Suze Orman personally; I just believe what she says. I've lived a lotta years as a single woman, and she makes a whole lot of sense in her estate planning advice.This is NOT spam!

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