Ask Jill: Dump Your Whole Life Insurance

Last Updated May 28, 2010 1:46 PM EDT

I know that there are some people who need whole life insurance, but in my experience as a financial advisor, the percentage is tiny. As the old insurance chestnut goes, "whole life insurance is sold, not bought!" In other words, most people who own whole life, don't even know (a) why they own it and (b) what alternatives to whole life exist.

Check out this conversation to see what I'm talking about...

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    Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.