<prompt> Human: I have a term life insurance policy to cover my SO and kid, and this policy is worth around 5k I believe. I assume my parents had it to cover funeral costs, or something like that. The premium is 80 semi-annually.Any advice, or should I just get rid of this thing?  <response>: A lot of people have commented on the bad side of whole life insurance. Some positives to keep in mind:1. You can borrow against the cash value regardless of your current credit score. 2. This loan does not affect your credit usage ratios, which is important when applying for credit cards, mortgages etc.3. This loan never needs to be paid back if you dont want to, the balance will be deducted from your death benefit when you die.4. The cash value grows tax free.5. The cash value does not have to be reported on a FAFSA for you or your children.6. You can do a section 1035 exchange to another life insurance policy with higher death benefit or more investment options tax free.7. You can do a section 1035 exchange to an annuity if you desire. Lastly, keep in mind if you decide to surrender it you will likely have to pay income taxes on whatever gains there may be on the cash value. 