"My parents unknowingly screwed me with my life insurance policy" - 46 year old wakes up to financial nightmare
Briefly

Life insurance can serve as a complicated investment vehicle, requiring careful understanding of financial consequences before taking ownership.
Working with a financial professional helps navigate tax implications and decipher complex terms of life insurance policies.
The Redditor's situation highlights how accumulated loan balances from life insurance policies can complicate financial management and ownership responsibilities.
Life insurance policies, particularly whole life policies, can become unmanageable if premium payments are covered solely through loans or dividends.
Read at 24/7 Wall St.
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