Mother has aarp life insurance . Changed from term to perm. With cost increase

I don't know how long she's had it but basically she says it's for her funeral expenses. It was aarp level benefit term policy and now they forced her into changing to permanent and they went up to $123 a month.

I believe she's been paying in it for over 5 years anyways if I had to guess.

She's on ss only and is in her mid 70s, so it's a lot for her on a limited income.

It only pays out $14k on death. I'm wondering how much she's already paid in and she's paying $1470 a year. What if she pays in more than the policy pays out?

It was originally a $20k payout and they reduced it to $14k I believe and went UP on her monthly payment

Is it worth keeping or should she just cancel and save the $123 a month?

I have money for her funeral already and she has some savings. I also help her financially.

Of course if we cancel, we get nothing since I don't believe term insurance has a cash value and she just changed it to permanent.

Thanks

submitted by /u/apooroldinvestor
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