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Transamerica life insurance policy11/18/2023 Also, I make around 80k a year and am living rent free (parents). I also have roughly 40k in student loans but just graduated so that’s still in grace period. I already have a Roth 401k which I’m not maxing out, a Roth IRA which I plan to max out, and an HSA which I contribute about $280 a month to. I currently pay nearly $100 a month and would rather see that money go to something I have more control over. I don’t know if any of you have experience with this but I believe it’s called a “Universal Life Insurance” account or something like that and it pays out something like 200k when I die and can be used towards medical bills or something (again idk since I just said yes to my parents). It’s been a few years and I know a lot more about personal finance and am thinking about how I should tackle this. My parents aren’t super financially literate and are easy to be talked into these sort of things and I was only 20 at the time and knew nothing about it so I was pressured into it as well. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.Ī few years ago my family kinda got “swindled” into buying this transamerica life insurance policy. Get your financial house in order, learn how to better manage your money, and invest for your future.
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