<prompt> Human: Im 30 and engaged. When I was 19 my dad opened up a 50K term life insurance policy for me. He has been paying 25mo for the past 11 years. I wasnt aware of this until last month. I decided I was going to close it, and just give him the cash-out value as a thank you gift about 1,600 cash out.When I met with the agent, he gave me the pitch. Im usually pretty good at reading through BS, but I couldnt help but find things I liked. First and foremost, the policy my dad opened in 2001 has a minimum guaranteed interest of 4... 4! Second, he explained all of the legal benefits safe from bankruptcy, law suits, etc. Third, he explained that you could borrow against it, should you ever find the need to. Fourth, were some nice perks that pertain to my plan that are no longer offered for example, I can increase my coverage by 25kyear without ever having to go for a medical exam, and the rates will be raised at standard rate - whatever that BS might mean and I have a no-cancelation clause. They cannot cancel my policy at any time, unless I stop paying.Currently, the cost of insurance is 14.98mo, and increases by about 1 annually. Everything over the cost, goes into this min 4 guaranteed account. this is what i like. where the hell can you find a 4 savings account these days? And its tax-deferred. Anyway, Personal Finance, Im trying to see the cons to the plan. I get that Im blowing 15mo on insurance, but I see it as well, at least theres 50k to cover bills and give a little gift to whoever I leave behind, plus i get access to this minimum 4 account. Per the agent, the IRS allows me to contribute up to 200mo into this tax-deferred account.So, someone help shoot some holes into this. Why should I close it? EDIT: It isnt a term life policy, its a whole life policy, I guess.  <response>: Whole life is almost always a rip off, and its salesmen are very good at bamboozling people into thinking its a good deal.There are endless threads about whole life on the Bogleheads forum. I recommend you read through them: Its most likely that youll be best off getting out of it ASAP. Buy level term insurance and invest the rest. 