Is an expensive old age life insurance policy worth keeping?
Older policies sold at advanced ages often cost far more in cumulative premiums than the actual payout, trapping policyholders in cycles where canceling means losing thousands already paid. These contracts usually offer negligible cash surrender values, making it difficult to decide whether to stop payments or maintain coverage solely for a death benefit.
What the numbers show
Counted from the threads quoted below. How we count
- People have been saying this in most months since September 2026.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
- 1asking parent to ask for complete policy documentsDid this help you?
- 2checking on the cash out valueDid this help you?
- 3having the policy reviewed by a professionalDid this help you?
- 4asking for an illustration of what it would cost to keep the policy in forceDid this help you?
- 5Buying term life insurance insteadDid this help you?
- 6Investing the price difference in low-fee broad market ETFsDid this help you?
- 7Following the personal finance wiki prime directiveDid this help you?
- 8Finding a flat-fee fiduciary financial plannerDid this help you?
- 9Buying only term life insurance, and only if dependents rely on your income.Did this help you?
- 10Keeping insurance and investments entirely separate.Did this help you?
- 11Investing in index funds through a 401k, IRA, and taxable brokerage accounts.Did this help you?
- 12Building a bond ladder instead of purchasing an annuity to cut out the middleman.Did this help you?
- 13Avoiding mixing business/financial advice with friendships.Did this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“Which means he’s already paid $150K for the $100K in coverage. With a surrender value of $638. These policies are so terrible.”source ↗
“They insist getting us some insurance money upon death, which we would rather not have if this is predatory. Is the accumulated value the cash out ($638 yikes)? I explained in another reply that they got discontinued (due to age) then they were given this...”source ↗
“Just found out about above, and have no knowledge of this type insurance. Parent is about 80 yrs old. Parent is paying $380 or so a month. Recently denied continuation of previous coverage (assuming term but not sure) due to age, and this was offered.”source ↗
“Just wondering if this is useless at that age, or if they were taken advantage of.”source ↗
“The premium is due soon, and it’s just so much money. Is this plan worth it?”source ↗
“My best friend of many years is also an insurance agent and I asked him to recommend something. He spoke to me about 3 products”source ↗
“I trust him and these products and recommendations does make sense to me. But I’m doing my research now.”source ↗
“How do you guys view these recommendations”source ↗
Where this came up
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- 4Should I get a 20 or 30 year term life insurance policy?