They Trusted Their Uncle And Bought Whole Life Insurance At 20. Two Years Later, Getting Out Means Losing $13K. 'I Was Heavily Manipulated'

Group 1 - A 22-year-old individual is facing a $13,000 financial loss due to a whole life insurance policy sold by their uncle, a life insurance agent [1][2] - The policy has a $500,000 death benefit and costs $10,300 annually for ten years, which is impacting the individual's financial stability after they transitioned from living rent-free with parents to owning a home [2][3] - The individual regrets the purchase, stating they were manipulated into buying the policy and are unable to max out their retirement contributions due to the high premium [3][4] Group 2 - Reddit commenters overwhelmingly advised canceling the policy, with many expressing that the uncle's actions were predatory and motivated by commission [4][5] - Comments highlighted that whole life insurance is often a poor investment and that the uncle likely earned a significant commission from the sale, potentially the entire first-year premium [5]