(Throwaway out of embarrassment)
A financial planner reach out to me recently. Since I'm in the position to restructure my finances, I accepted the meeting. I signed up for a whole life insurance policy. It was pitched as a tax-free investment vehicle for retirement; something where I pay in a few hundred thousand dollars and get a return close to a million. I didn't fully understand it, but I know I haven't been doing all I could for retirement and I wanted to see what they would ask of me while I researched the offer. So I submitted myself for approval to see how much this would cost per month.
Since then, I've read some information here regarding life insurance, as well as a cursory Google search. I don't like what I found. Frankly, I feel like I've been had and now I'm stressed that I just made an expensive mistake. I'm not married, I have no kids, I rent, my largest asset is a car, and I'm otherwise debt free. I would hate to tank my savings and credit trying to undo this.
My application is submitted but it's still processing, so I have not paid a dime into this account yet. Is there a way I can cancel my application? Should I wait until I hear back first? I don't have a direct line to the insurer; only through the financial planner.
As for the financial planner, they are an acquaintance. I was upfront that if they have fees, I wouldn't use his services. He assured me that it's just a consultation, his fees are paid when someone signs up. He gave me some simple helpful tips, but at this time I would rather cut financial ties with him before I sign something else.
I apologize if this post is out of line; I don't have anyone to talk to about finances and I'm scared.
TL:DR; Unknowingly signed up for whole life. Googled whole life. Now upset. Haven't paid yet. Advice on next step?
Submitted August 02, 2018 at 12:37PM by Concerned-Newbie-133 https://ift.tt/2AzP2Nk
