At just 22 years old, they’re grappling with regret and facing a $13,000 financial loss after agreeing to a pricey whole life insurance policy pushed by their uncle. The poster, who earns about $100,000 annually, took to the r/FinancialPlanning subreddit recently to vent about the situation and ask for advice.

“I feel like I was heavily manipulated into buying a policy and really am starting to regret it now,” they wrote.

Completely Out Of Reach

The policy was sold to them at age 20 by their uncle, who is a life insurance agent. It's a whole life policy with a $500,000 death benefit that costs $10,300 annually for ten years. At the time, the poster was living rent-free with their parents and building up savings. But life changed quickly. They now own a home and say the steep annual premium is eating into their financial stability.

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“I didn't think about the future at all with having this policy,” they said. “I don't have children, I can't even max out my current retirements right now because of other bills.”

They said they currently contribute 10% to their retirement accounts but can no longer afford to max them out. When asked about why they bought the policy, the poster explained that their uncle convinced them it was a good investment. “He said the first few years don't really make much,” they added, referencing the slow early growth typical of whole life cash value policies.

When they approached their uncle about canceling, the response was dismissive: “You have money, you'll be fine just keep paying.”

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Overwhelmingly One-Sided Advice

Reddit commenters were nearly unanimous: Cancel the policy.

“He must have been pretty desperate for a sales commission to prey on his own nephew… wow,” one top comment read. “Don’t try to turn insurance into an investment, it functions very poorly that way.”

 “Cut your losses and cancel,” another person added. “You got scammed. That is basically insurance for suckers.”

The post also prompted responses from many who shared their own stories of buying whole life insurance when they were young and uninformed. Several ex-agents chimed in to confirm that the commissions on these policies are huge. One person claimed the uncle likely earned the entire first-year premium as commission.

Some even said they had family members in the industry who sold them similar policies. “We bought one from [my brother-in-law] and basically threw out a bunch of money,” one said. “It looked fishy, but I trusted him.”

As one put it, “You can lose the $13,000 now, or $100,000 later.”

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While some Redditors pointed out that whole life insurance can serve a purpose in specific financial situations, most agreed it was a poor fit here. “Whole life only makes sense if you can comfortably fund it for decades,” one person wrote. “You can't, and that's okay. Canceling or surrendering the policy and reallocating toward retirement, an emergency fund, or just breathing room is often the healthier move.”

To make matters more complex, the poster mentioned how hard it is to separate money decisions from family dynamics. “I think it's heavily affecting me due to personal family relationships being involved in it too,” they said. “I feel very helpless.”

If the poster wants professional guidance moving forward, using a service like WiserAdvisor could help. The platform matches users with vetted financial advisors, a step that would help rebuild confidence after an emotional financial decision.

Reddit's final consensus: the poster has nothing to be ashamed of. Bad financial decisions happen, especially when family pressure is involved. “You're 22, earning well, owning a home — you're doing great,” one person said. “Fixing a bad product early is a win, not a failure.”

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