The Carr Report: Elderly woman was told a whole lie about her Whole Life Insurance policy

I recently read an article from “Moneywise.” This article shares a story about a 72-year-old woman whose life insurance policy is being terminated despite her life insurance premiums being paid every month since 1987. It goes on to say that this is a very common issue. I shared this story with my Facebook followers with the caption, “Don’t let this happen to you or your elderly loved ones!” The post generated a lot of reactions and responses. I’m going to share details of the article as well as some of the comments I received below. Before I share this story, I’d like to establish that omission of the truth, exaggeration of the truth, or a half truth is a whole lie. I’d also like to point out that a Whole Life Insurance policy is billed as a permanent life insurance policy. Unlike a Term Life Insurance policy where the term of the policy has a finite timeline before the policy expires or terminates, be it a 10-year term, 20-year term, or 30-year term. Whole Life Insurance policies are to provide a death benefit and a savings component that is to last your entire life. Upon your death, your beneficiaries are...