Help a Stupid Old Lady

Hi. I've just realized what a collosal ripoff I've bought into. I'm coming here to ask if there's anything I can do to save myself and all the money I've paid out. Here's the deal:

In 2004 I was 52, in good health and had a reasonable income. I signed up through AARP with New York Life Insurance Company for a $25,000 term life insurance policy. I was a single mom of three teenagers. It seemed reasonable. I don't remember what my original rate was. Over the years of course the rates have increased until the last few years when it became $69.90. That's what I've been paying for at least 5 years.

Since 2004, I've become handicapped, very mobility challenged, and my income is now only ex-spousal social security, $1045 monthly. The $69.90 was getting to be tight.

So now, congratulations! 🎉🥳 I've turned 70 and my rate has become $107 monthly. Holy crap. You have GOT to be kidding!! While I was recovering from that, I got a letter from the company, offering to switch me to Whole Life for only $179 monthly for the same $25,000. Going to $107 is nearly going to wipe out my COLA increase.

If I just stop paying, I'm going to lose all the money I've put in since 2004, is that right? And there will be nothing to leave the kids (one of whom is developmentally delayed and needs it).

I feel like an idiot, like I should have seen this coming. Can any of you offer some information on what to do? Any options? I'm just sick at the thought of so much money down the tubes. Damn.

Thanks for any advice or comfort you can send me!! ❤️✌️

submitted by /u/kit-maine
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