My uncle was a Life Insurance salesman and sold my dad a policy before I was even born. My dad was new to the US, he had just migrated from Vietnam in the early 90's before having me in '93 and was informed by his brother to buy a policy so that by the time I'm in the my early 30's, I will be set.
WELL, long story short, I take care of both my parents now at the age of 27 and recently my dad's life insurance policy ended (a year or two ago?) and he's still going strong (the man is a beast and survived 11 years in re-education camp).
He was paying $520 premiums semi-annually but now my question now is, since he OUTLIVED his 20 year policy-term, is he able to salvage back from any money that he put into the policy (Jackson National Life Insurance Company) or is it all gone now? I'm in the process of taking out $22k from my mom's life insurance as the value of that benefit is only $100k (I can probably invest it in an Index Fund and get the same return if not higher by the time she's 95 years old (23 years from now)).
My parents argue all the time over the fact that my dad made an misinformed financial decision when he didn't know much about anything. At this point I just want my parents to receive some money back from the premiums (all would be fantastic, but highly unlikely) but even $5k of the $20,800 he's paid into the premiums throughout the 20 years would be acceptable at this point.
My brother is the owner of the Policy and my Dad is the insured person. I'm the only one that speaks English fluently as well as being some-what financial literate (I handle the entire family's finances aside from my brother's). If I ever get any money back from the company, I plan to invest it into an Index Fund for my parents.
Any insight or replies are all appreciated, thank you.