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]

Financial planning for retirement is tricky. In spite of guidelines, average savings amounts and rules for how much you can draw down your investments each year, there’s no way to predict how long you’ll be retired for. Derek Jones, chartered financial analyst at Scratch Capital, notes, “There are virtually endless scenarios based on different dates of death that will each pose their own unique considerations and levels of complexity. The more prudent move is always to plan for the worst-case scenario” (1 ...