<prompt> Human: EDIT formatting and also im a non-smoker, normal height and weight, and no known medical problems whatsoever. pretty sure im gonna surrender this thing and hand the money to my parents.brief overview of my financial situation, questions belowIm single, no dependents, 27.0 debt. 830k liquid net worth from a tech startup that i was early at, invested at vanguard, 65 stock, 30 bond, 5 REIT.i make 100kyear plus a pile of stock in a new tech startup that is currently illiquid, after tax my take home pay is around 5400.i pay 1895month in rent, plus utils, so say around 2kmonth just to live, and i save most of the rest.actual questionsFirst, let me say this: I dont know anything about life insurance. My dad told me that he purchased a whole life insurance policy for me back in 1992.1.The bill for this years premium and loan interest is 640. 439 is the premium, 201 is the loan interest. Is there any reason for me to keep this policy instead of just cashing it in and handing my dad the cash value for the policy? I have no idea why I would want life insurance, but my dad seems set on this being a good idea. He is dead broke and knows literally nothing about money or investing, so Im inclined to believe he has no idea what he is talking about.2. Im going to call the sales guy on this thing tomorrow. Is there anything specifically I should ask?3. Anyone know what my tax liability will be if I just grab the cash value out? I know annual gift limit is 13k, so I can just give it back to my dad without worrying about the gift tax for that.This info is from my most recent statement:Insurance Summary: Basic Policy 100k Fully Paid Additional Insurance 11,966.00 Settlement Dividend 170.00 Loan Balance 3,049.95 Loan Interest 173.57 Total Insurance Coverage 108,912.48Cash Value Summary: Basic Policy 6,798.00 Fully paid additional insurance 1,581.81 loan balance 3049.95 loan interest 173.57 total cash value 5,326.29Thanks.  <response>: Whole life insurance policies are forced savings for people that dont have the willpower to save. Sounds perfect for your dad.However its much cheaper to keep your own savings accountinvestments and get term life insurance if you even need life insurance at all. If you decide that whole life insurance is not for yout its better to get out sooner rather than pumping more money into it. 