#1951

Grandfather bought a $1,000 life insurance policy from New York Life in 1951. Parents are “surrendering” it now for only $6,500. Shouldn’t it be more?

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Grandfather bought a $1,000 life insurance policy from New York Life in 1951. Parents are “surrendering” it now for only $6,500. Shouldn’t it be more? I’m wondering if my elderly parents are getting scammed. You would think that it would be worth a lot more than just $6,500. Should they be doing something else other than “surrendering” it? Can’t they cash it in some other way? submitted by /u/catpooptv

Reddit Personal Finance 826 2024-02-28