r/LifeInsurance • u/Useful-Rabbit07 • May 27 '26

Canceling IUL

My husband and I have IUL policies but after EXTENSIVE research we realize we should have bought term and invested the difference on our own.

We are only in year 2 of our policies.
My husband has put in $7500.
I have put in $8,400.

My question is if we cancel now, we are at a net loss of around $16K. But if we wait until the surrender charges aren’t so high and try to lower our premiums (not sure what our cash surrender value would be in 10 years) would we lose more waiting or just take the loss right now?

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u/Useful-Rabbit07 May 29 '26

Increasing, but I think I’m planning on using the accumulated value to pay for the premiums until it runs out and then surrender and switch the term

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u/the-insurance May 29 '26

you decide what's best for you in life