I’m not looking for financial advice with this post. I’m just not familiar with life insurance at all.
I was visiting my mom to help with a surgery and she gave me two documents from a bank called NBL (National Benefit Life Insurance Company).
Both policies say “extended Term insurance” but one is addressed to me and the other to my mom. Both seem to be coverage to me since I’m the “insured” on both accounts.
One says Death Benefit $18k and the other is $25k and they expire in 2033 and 2035 respectively.
The letters both say “coverage was determined using previously accumulated cash value. Premium payments are not being made on this policy and coverage will terminate at the expiration date”
Question: Is this worth anything and what should I do? It seems crazy my mom took a life insurance policy on me when I was a kid and I just recently married. Was this a scam and if not, should I do anything with it? Can I get any little bit of money cashed out and is there any reason to see about making monthly/yearly payments? $43k seems like a small amount of money to pursue and won’t really do much upon death but maybe I just let this ride out?