<prompt> Human: In March of this year I purchased a 100,000 whole life insurance policy from New York Life for my mother who is 58 years old Born in March. The annual premium is 3776 which I paid off up front for this year. Here is the payoff table Did I make a mistake getting this policy? I felt as if it was worth it because my mother only has 20k-40k to her name and many of her expenses from now until she passes are my responsibility. This will help shield me from the blow of the financial burden. Please help! If I do cancel, how should I save for her future instead? How do I cancel? I really dont want to cancel if I made a good decision but the more I read here the more worried I get that I made a poor decision. I have her working so she can get Medicaid and Social Security when she retires if that matters.  <response>: I dont understand why you purchased this. For when she dies? Its much cheaper to just save money for a funeral. Term insurance is also much cheaper. Regardless, its a terrible idea. Just look at the table. Compare how much you put in to the cash out value! 