My grandmother recently died and I learned she had purchased ME a whole life insurance policy when I was born. For the past 34 years, she had been paying the premiums ($15 a month) out of her personal bank account.
Guaranteed Insurance Option: $10,000. Accidental Death Rider: $10,000
I recently contacted the insurance company and was surprised by how little cash value the policy had amassed: $625.
Is this normal? I’ve read some less than positive reviews of whole life insurance, but this seems especially bad. She paid in over $6,120 in premiums since she bought it…
PS The current company is Jackson National Life Insurance, but they are just the latest in a long line of companies that have apparently have held this policy.