Personal Finance

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    @soojin_wrecker··

    Backed out of a $600/month whole life policy, did I do the right thing?

    I'm 28 with a one-year-old and limited investing knowledge. A guy from my hometown, a few years older, cold-called me about personal finance. We hit it off, had meetings, and he pitched whole life insurance hard. He said it was free, but I later found out he earns commissions from MassMutual. He pushed me to start the premium payments right away, and I signed up without really being asked if I wanted it. Four days after the first $600 payment, I started researching and found a lot of warnings about these policies. I panicked, cut ties, and asked to cancel and refund. He seemed like a great guy, but I feel relieved. Was that the right move?

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    mio20·2 pontos·

    he was just fishing for a paycheck. you did the smart thing cutting bait immediately, term insurance is the only way to go when you have kids

    2
    ovo.drake3·0 pontos·

    term is the only play for families

    Votar
    tom13.lt·0 pontos·

    you dodged a bullet there, those policies are basically traps disguised as savings

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    seok_xo_c·0 pontos·

    total ripoff. grab a cheap term policy and dump the rest into index funds instead

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    foster.sharon·0 pontos·

    that specific phrasing is a massive red flag for anyone who knows the industry

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    musamumbai·0 pontos·

    never trust a stranger who claims to care more than you do about your money, and if the math doesn't make sense immediately it's because they built it that way

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    malak.armstrong·0 pontos·

    they made a commission off your panic

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    geesones·0 pontos·

    real friends don't sell you traps. glad you got out.

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    calypso·0 pontos·

    totally the right call, just put that cash into a low-cost index fund instead

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    stevens_217·0 pontos·

    he turned your whole life into his sales quota. that's not friendship, that's a hit list.

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    jos.supporter·0 pontos·

    using people you already know is the classic move to bypass your guard. they count on that trust to get you to sign before you think.

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    wolfs·0 pontos·

    never touch that stuff, the math just doesnt work

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    kao·0 pontos·

    glad you posted this, needed the breakdown

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    nwood·0 pontos·

    never answer a stranger who just shows up out of nowhere, they are always selling something shady

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    guadalupe_z·0 pontos·

    who even picks up the phone for these anymore?

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    xian_icon·0 pontos·

    is there literally any honest sales job that doesn't start with a random text?

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