about 7 years ago I opened up a whole life policy. I was ignorant to investing at that time. I had a nice chunk of cash and didn't want to just put it into a savings and I had just had a kid.I wanted to protect my family. I had a friend of friend work with New York Life. I fully paid off the policy within like 3 years. knowing I was going to take a loan of the money I put into it for a new house. probably could have done something better but again, I was ignorant. Now, I have lime 6k in dividends I can pull, cash value is like 13k. I do have like 30k loan with with interest. I get a dividend every year that barely covers just the interest.
I really don't want to let the policy lapse and get hit with a big tax bill. of course my NYL advisor doesn't want me to close the account. I still can't figure out what to do. Since opening the policy I have started an ira, hysa, term life with another company.
If I don't want to keep the policy what are my options?