Loan advice
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I hope the people who commented will see this, if whole life insurance is so bad, is it better to invest all of that money that is being paid there into our brokerage account? Financial advisor friend is also in charge of the brokerage account and I'm not exactly sure what it's invested in.
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If you want to settle a private loan, you should consult with your lender about the process, conditions for loan settlement, and several other aspects. There are certain conditions where the borrower might need to pay a nominal fee at the penalty amount for settling the loan without paying it in full. In addition, you can also opt for foreclosure, where you will pay the loan upfront instead of continuing the same for the entire term. Maximum flexibility is usually offered for student loans. But I feel that loan settlement is not good. It can impact your credit score and you may find it tough getting a loan from lenders like credit 9 lending legit and others.