I will try to lay the facts out as I understand them but am basically trying to figure out how to move forward on a whole life, life insurance policy that my mom has and recently informed me of. It is a $1 million dollar policy that she got years ago and paid a large lump sum in the beginning. As I understand it the amount she paid basically kept her up to date until March 2017. She presented it to my siblings a few weeks ago and said she was no longer going to be making any contribution to the policy.
Going forward we have basically two options. Pay a one time payment of $225,000 and bring the policy to a fully paid status (this is not financially an option for any of us). Option #2 is to pay roughly $25,000 a year (split between the three of us) in premiums until the policy pays. We all have a lot of reservations about this.
It seems pretty clear that our only option is to walk away from the policy and not look back. I am just trying to educate myself on the matter and learn about any other options.
Submitted February 08, 2017 at 12:45AM by Job246 http://ift.tt/2k1g07X
