In March of this year I purchased a $100,000 whole life insurance policy from New York Life for my mother who is 58 years old (Born in March). The annual premium is $3776 which I paid off up front for this year. Here is the payoff table. Did I make a mistake getting this policy? I felt as if it was worth it because my mother only has $20k-$40k to her name and many of her expenses from now until she passes are my responsibility. This will help shield me from the blow of the financial burden. Please help! If I do cancel, how should I save for her future instead? How do I cancel? I really don't want to cancel if I made a good decision but the more I read here the more worried I get that I made a poor decision. I have her working so she can get Medicaid and Social Security when she retires if that matters.
Submitted May 25, 2018 at 08:52AM by flyy4abrownguy https://ift.tt/2GOLKDy
