<prompt> Human: My fiancee and I are both 25 years old, she makes 40k and I make 60k per year. We are purchasing a home for 180k, she has just enough money from an inheritance to cover the 20 down payment. Our only debt is my 14k of low interest student loan debt. Both with credit scores in the mid 700s. Both of us contribute 5 of our income to 401k at our job, with a certain percentage matched by employer.nbsp;About 1.5 years ago, a neighbor introduced us to a NY Life insurance agent, and she convinced us to take out whole life insurance policies. nbsp;My Policy 600k face value Monthly Premium: 405 Option to Purchase Paid Up Life Insurance Monthly Premium: 104 Current Cash Value: 2k nbsp;Her Policy Similar values to my policy, but 50 less.nbsp;So, we have spent about 13k on the whole life insurance and the current cash value is only 3k. Monthly we contribute 750 towards the two whole life policies. I am not sure if we should stick with it, as the tax-free advantages and the projected cash values down the road seem great, or cut our losses and contribute more towards our 401k and Roth IRAs?nbsp;Should we consult with a fee-based financial consultant for professional advice? Despite being relatively thrifty and responsible spenders, both my fiancee and I are relatively inept in regards to investments and financial planning.  <response>: Monthly we contribute 750 towards the two whole life policies.That is easily 10x more than youd be paying for equivalent term insurance. You need to get out of these policies immediately. You do have a case for insurance if you are buying a house and would otherwise be unable to easily afford the mortage on one income, but not a permanent policy. 