whole life insurance questions on means test

[tofu4you2]

I noticed on means test there is a part about life insurance. You can only list the amount you pay for term insurance. What happens if you have both. We have whole and term. Do we have to surrender our whole life policy. It runs over $400 a month. We also have borrowed on that several times. Thanks in advance.

[tallberry]

We only listed our term life premiums even though we have both. From what I understand, the cash value of the whole life is exempt as long as the benficiary is a spouse or dependent.

[emoney]

If you are in good heath you should cancel the whole life and buy term insurance. With the difference in cost invest the difference in good mutual funds.
What a difference that will made to your new worth in a few years.
regards,
emoney