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life insurance

By Terry Savage on September 04, 2022 | Insurance & Annuities

my 95 year old mother will be bankrupt in a couple of years because of high insurance premiums. She purchased a variable premium policy 20 years ago and has paid over $400,000 so far. The premiums increase each year and she is expected to have to pay an additional $400,000 or more before she turns 100. (The policy pays $750,000 at death). The cash value is less than$10,000 if we stop paying premiums now.

We think this policy was a scam and unethical. Can we file a complaint with the state insurance department? Is there anyone we could hire to review the policy and advise us of our options?

Any recommendations you have for us will be greatly appreciated.

Terry Says

OMG — this was a mistake to purchase the policy at age 75 — 20 years ago! I would indeed contact your state insurance commissioner — And if you get nowhere, please post again (I won’t make public) with the details of the policy, the company, and the agent. This certainly was a ripoff!!!

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