<prompt> Human: About 2 years ago I was convinced by a new financial advisor at NWM to get a whole life policy. My wife was convinced to do the same, and combined we are dumping over 900month into respective policies for each of us. I have been contemplating killing it for a while, as we also have a sizable amount of debt home and student loans, and are about to relocate to a much more expensive area for a better job opportunity for me we both work, she wont have a major issue finding work either, and wont move until a new job is secured. I will note that I DO think we can afford to keep the policy, I just hate the idea of having policies that I feel we were bamboozled into, and constricting our quality of life and shortmedium term savings opportunities for the potential benefit of being able to draw fromborrow the cash value on a convoluted life insurance policy.The same advisor sold us disability insurance since we both were doing contract work at the time and had the rest of our assets in their brokerage accounts which we were paying 1.5 for in fees. I have since undone both of these assets now in Vanguard index funds per rpersonalfinances advice. These are the last questionable accounts tying us to NWM other than IRAs, and Ive already approached them about the repercussions of killing them.Below are some details of our policies.Mine note I dumped about 12k into from a VUL - yep, Im an asshole - I had prior with another bankDeath Benefit: 370kNet Cash Value: 15kStart Date: March 2014Annualized Premium: 3,700nbsp;WifesDeath Benefit: 600kNet Cash Value: 6500Start Date: March 2014Annualized Premium: 7,300nbsp;As I understand it, we would get the entirety of the cash value by closing the account, and wouldnt have to pay any fees other than realizing the loss between our total annualized premiums what we paid and that cash value what we get out.nbsp;Questions:- Do you think it makes sense to cancel these policies this early into the process? I feel like canceling mine makes more sense due to high cash value in it.- Is there anything else with canceling a whole life NWM specifically policy that I should be accounting for or asking about?nbsp;Thank you so much for reading and for any advice you can offer. Better to sort this out later than never :  <response>: new financial advisorSales person. I will note that I DO think we can afford to keep the policy,Theyre likely a waste of money.being able to draw fromborrow the cash value on a convoluted life insurance policy.Replace it with term and you wont need to use your life insurance like a credit card. Youll just have money. 900 a month will buy you an outrageous amount of term. Get the term in place first and then cancel. 