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Upfront apologies on this...but I really am trying to understand the benefits in owning this type of policy as a retirement vehicle.

My husband had a whole life policy before we were married. Since I'm the one in charge of finances and investing, this is part of my inherited components to work with. My dad always told me to stay away from a whole life products, but I don't remember his rationale.

So I look to the boards for Pro/Cons of this type of investment vehicle. In addition, my general gut is that most of our money is being spent towards fees - but I'm having a tough time understanding the terms/conditions information with the policy.

1) Pros/Cons?

2) What is the surrender charge? I'm assuming this means some sort of cancellation fee. When I cancel do I get money back or is it really just a sunk loss?

3) Am I able to stop making payments for awhile? Once again this is where the T&C of the document are a little foggy for me.

4) How does having a loan against the policy impact any of this?

My apologies - but I'm just tying to really understand what we have. My husband is very reluctant to get rid of this policy, so before I can make a cohesive argument about what we should do - I look to the board in help in understanding the product.

Many Thanks
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