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Thanks all! You've really helped me get my arms around the issues, I've learned quite a bit, and you've changed some of my thinking. I will continue to explore all options, but my initial take is that the most attractive actions may be to help them: Stop paying premiums from external funds if...

@kat02 Good idea, thanks!

@adoptedwatcher Thank you -- very helpful. They are pack rats, so I'm sure they copies of the policy and paperwork. I'll add that to the list of information to find.

@cbraden816 Adding this to the list of things to discuss with them! That makes two of us. The phrases that I used and the dollar amounts shown are verbatim from the statement (except I rounded the cents). As you allude to, we need to get with the insurance agent to nail down exactly what...

@godservant777 Great point. We need to get with the agent to nail down policy-specific parameters and options. I'll add many of these items to the list of things to discuss in that meeting. Thanks!

My 81- and 85-year-old parents asked for my help in managing their finances. They have about $2.7 million in bank accounts and mutual funds and a house worth about $300k. I have a good understanding of their investments, with one exception – their life insurance policies. Pretend I’m completely...