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new yorkn life insurance question??

Okay so my parents started a whole life insurance policy for me when i was born so one day i could cash it in to put a downpayment on a house or for college. Fast forward to 22 years later i tryed to cash it in they told me it was only worth 2,435 dollars if i cashed it in. Is this write or has someone taken some of it. Me and my father do not talk cause he is a money hungry and doesnt care about anyone but he was the only one who had right to it. Can someone please help me and let me know if he has taken some out or if this is the right amount i should get

Answer Question
 
his88angel

Asked by his88angel at 5:28 PM on Jan. 15, 2011 in Money & Work

Level 13 (1,209 Credits)
Answers (2)
  • You can call them and ask them to run a inforce illustration. That will show the premiums paid into the policy and any money taken out.
    christinato

    Answer by christinato at 7:03 PM on Jan. 15, 2011

  • It could be. Whole life insurance is a huge rip off with tons of fees and little or no interest made when all is said and done. You'll have to call the insurance company to make sure that's accurate. They might try to talk you into keeping it, but that's probably a bad idea. If you're healthy look into term life insurance. It's a whole lot cheaper =)

    Good luck.
    Erica_Smerica

    Answer by Erica_Smerica at 12:12 AM on Jan. 16, 2011

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