Re: Cashing out of Life Insurance
If you health is not good, you may not be insurable at some point down the line if you do get married and/or have children.
Also, if the cash value ($7K) is more than your grandparents put into the policy over the years, some of the $7K may be taxable. You can contact the insurance company to ask them, but it may take them a few weeks to research it and give you the answer.
Other than that, you could definitely consider cashing this in. I have cashed small whole life policies like that for myself and recommended it for my brothers and sisters.
-Tom
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