<prompt> Human: Hey PF, before getting into my actual issue, just wanted to say thanks for all the advice and knowledge that gets passed around on here. A little background- I am a mid 20s male in good health, have a decent paying job about 80K a year, currently have about 120K in student loans i know, alot. But i am paying above the minimums and working to pay them down Unknown to me until very recently my parents years ago purchased and have been paying for a whole life policy for me. Now, having lurked on this thread I realize that somebody of my age and health could be using this money in a more profitable way. I will be meeting with my parents FA this week to go over the information regarding this policy. At this point I really know next to nothing about it. If my time lines are right, then my parents started this policy about 10 to 12 years ago. And they have confirmed that it is a whole life plan. My actual question - So my questions to PF are these: What questions should I be asking the FA during our meeting? Are there specific things I should be asking about Whole Life Policies? Should I be looking to cash out and reinvest this money elsewhere? Any advice for dealing with an FA?Any advice, words of wisdom, or warnings would be greatly appreciated!Assistant: Unless you are married andor have children that depend on your income, you dont need insurance at all at this stage of your life. If you do have dependents, term life is cheaper and you get more of it. If the policy has cash value, either cash it and invest in term insurance, or roll it into a Roth IRA.Human: Single, not even a steady SO at this point.. :, and no kids. So no dependents, and dont see that changing anytime soon. When you say roll it over, does that mean I would need to open an IRA through the same company that I have the insurance with? Of could I open one elsewhere? Would I just cash out the plan and deposit it to the IRA, or can you actually just transfer the value from the Insurance to an IRA with out cashing out? Sorry if these seem like dumb questions... but thanks for the response!  <response>: does that mean I would need to open an IRA through the same company that I have the insurance with? No. Of could I open one elsewhere?Yes. Would I just cash out the plan and deposit it to the IRAYes. or can you actually just transfer the value from the Insurance to an IRA with out cashing out? No. 