No reason to reinvent the wheel. Just search FWF for insurance threads to see how your FIL has been looking out for your best interest. I am sure he gave you a $2500 check for the commission he earned on selling your wife this plan.

Your issue is way beyond financial, be very thoughtful how you address this with both your wife and FIL.

Do your homework. You need to know the fees, the return, and the cost of term insurance. In almost all cases, you can buy term for next to nothing while you save for later, and won't need life insurance when it gets expensive. Most people who buy whole life can't tell you the fees because they don't know them. They made an emotional decision.

germanpope said:seriousturtle said: [MY WIFE'S FATHER] has my wife playing $400/month [for Life Insurance]

.......... please give me advice
.............. and please state if you are any kind of financial person (job)
........... plz give me any questions i should ask my FIL if i'm to have an intelligent conversation with him ........

first, TURTLE ... you shouldn't be coming on to this forum and interviewing people on their financial background and then asking for free advice about your wife's life insurance (sounds kind of obnoxious to me)

second, your father-in-law doesn't have your wife paying anything --- she is paying it herself --- and if you want to get into a debate with your father-in-law over this --- you need a different knd of advice --- not financial

"first" - i don't want advice from someone who isn't involved with finances or someone who has an opinion based on falsehoods.
"second" - FIL "had" my wife paying for this before we married. his decision, not hers.

you dont have advice, then dont answer.

You're in a public forum.. you really think you can keep people's opinions out of here?

seriousturtle said:to start, i'm not a financially smart person. i'm a dedicated saver and hound my wife to be the same. here's my situation. FIL is a financial planner making LOADS of money. i believe he knows what he's talking about. and he bases a lot of his planning on building up an account in guardian whole life insurance. (sorry if i use wrong terms/words). he has my now wife playing about $400/month into this "savings account" as he calls it. i believe him. his point: 1. WL will build up interest and eventually i guess it rolls back into itself. 2. tax free interest. 3. while term ins is cheap now, when ppl are older, it can be EXTREMELY expensive. 4. can use it as a cash account when we build up, i think about $10,000.

sorry if i am saying things wrong here, hopefully you understand what i'm trying to convey are FIL's points on WL. please give me advice, and please state if you are any kind of financial person (job). just so i know who i'm listening to. and plz give me any questions i should ask my FIL if i'm to have an intelligent conversation with him, (aka - better plans, accounts, insurances that i can afford when we're 60+ years old). thank you for your responses.

The way that whole life insurance policies are normally set up is that you can BORROW against the Cash Value. It is not like a savings account. You generally only get the Cash Value if you cancel the insurance policy.

I suggest that you read the insurance policy to see if that is the way the policy is set up.

Married business manager here... You need to step carefully about this. There are several things to consider before you start asking questions.
1) Did you know about the whole life insurance policy before you got married, or was it kept a secret from you?
2) Has your FIL shown other tendencies or symptoms that lead you to be he does not care about his daughter? If the answer is no, then he is not ripping her off.
3) If you hound your wife to save, why do you not consider her insurance policy a savings?
4) Are you or is somebody else the beneficiary of her whole life policy?
5) After paying her life ins. premium, can you still afford to live? Do you have money left for rent/mortgage, food, clothing, gas, other essentials?
6th and most important) What does your wife want to do? Is she gainfully employed outside the home and has for several years paid this policy and wants to continue paying this policy?

Plus, what is your real motive? Do you recognize it's a bad investment? Do you resent her having a good relationship with her father? Does your FIL dictate other aspects of your marriage?

These are important issues to consider before you ever approach the subject with your wife.

seriousturtle said:to start, i'm not a financially smart person. I agree with you 100%. Not to pile it on or anything, but you come off as a bit of an ungrateful jerk as well.

If you're dissatisfied with your free advice, I think that forum policy states that you entitled to double your money back.

seriousturtle said:
sorry if i am saying things wrong here, hopefully you understand what i'm trying to convey are FIL's points on WL. please give me advice, and please state if you are any kind of financial person (job). just so i know who i'm listening to.

I am an SENIOR FINANCIAL ADVISER, CEO of A BIG BIG COMPANY IN NEW YORK, and a MILLIONAIRE.

and plz give me any questions i should ask my FIL if i'm to have an intelligent conversation with him, (aka - better plans, accounts, insurances that i can afford when we're 60+ years old). thank you for your responses.

Tell your FIL:
"Give me 50K, or I will sell your daughter on eBay?"

seriousturtle said:(aka - better plans, accounts, insurances that i can afford when we're 60+ years old).

Why do you need life insurance at 60+? Not saying you don't, but if the kids are grown and you or your wife have savings, you don't have to worry about high term prices.

You don't have to sound like a genius to sit down and talk to FIL about this; ask him direct questions, either he'll answer your questions to your satisfaction or he won't. I think you know what to do in either case.

My credentials: Don't look a gift horse in the mouth.

OP reminds me of this:
"I R serious turtle, thiz iz serious thread." (Roflcats anyone?)