Whole Life Insurance is Bankrupting Me

In March 2023, I was conned into signing up for a whole life insurance policy. I thought it was an investment for my retirement/pension and didn’t ask much more. I have been paying $900 a month since then and at this point, I won’t be able to pay rent next month. I let this go for way too long and now I’m panicking. I have dumped my entire savings into paying for this insurance And recently learned that it was a big mistake.

Moving forward. What do I do now? Do I cancel the policy? My cash out value is only $1,200. I’m a teacher and only make $44,000 a year . No dependents. I can’t afford to lose the money that I’ve paid, but I can’t afford to continue paying. I understand whole life insurance are great fit for some people, but I cannot afford to be that person.

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I don’t find this post credible. I don’t know any carrier that would approve a $900/month policy for someone earning $44,000 a year. I call BS on this.

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What on earth do I have to gain by making this up?

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Whole life underwriting usually doesn’t require income verification. OP, what is the face amount of the policy? A $900 premium for whole life must indicate a significant, nearly guaranteed payout.

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I had to verify my income with tax returns.

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There are some pretty shitty insurance companies that would

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Yeah, you’re spending way too much on whole life insurance. It’s not that you were conned; it’s that your agent oversold you.

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This is a clear example of being conned. She was sold something that was definitely not in her best interest just so her dishonest broker could earn a commission. People like that should be in jail

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no, he was conned. A teacher with no dependents does not need whole life insurance in any world.

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Sure they may. Just not that much of it.

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It’s clear to me here that you’re adhering to the sunken cost fallacy. If you need the money and can’t afford to pay the premiums, stop paying the premiums.

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Cancel the policy. I understand you don’t want to lose the money you’ve already paid, but it’s gone unless you keep paying. It’s a tough situation, and I feel for you, but you have to accept this one as a loss.