There are probably plenty out there that believe I wake up to the mantra every morning, and the truth is that I sometimes believe “if only I can blog loud enough”……..

We are in some horrific financial times and I’m thinking that very few out there have missed the economic meltdown going on. Even the most optimistic of experts believe it’s going to take some years for a full recovery.

So, let’s look seriously at a way to lower your monthly expenses and cover your downsized nest egg. I know this is going to tip some boats, but consider for a moment the idea of cashing out of your whole life or universal life policies and replacing them with lower cost term insurance. With the freed up cash go out and snarf up some of the best stock deals anyone has seen in a very long time.

I can hear the permanent insurance gurus screaming already, but let’s be real. Most universal life policies in force today are in trouble. They were in trouble before the economy was in trouble and now they are heading for the dunking tank and not looking back. As for whole life, you shouldn’t have bought it anyway. It’s overpriced and is not a “savings plan” or “retirement plan”. It is an overpriced life insurance policy. If you have $500,000 of whole life with $250,000 of cash value and you die, you get exactly the same amount of money as if you had a $500,000 term insurance policy.

Bottom line. So, consider it. Money in your monthly pocket. Money to invest at a time when investing looks like a good idea. And you’re finally rid of that bad idea for life insurance that you bought and have been to embarrassed to admit that it was truly a bad idea.