[Jimbo232]

Being that he is 57 years old I think there is even a more basic question to answer - does he even need life insurance? Would anyone experience financial hardships upon his death? If so, he may only need his life insured for a few more years.

1) Does he have any kids that are financially dependent on him? If so, for how much longer?
2) Is his spouse financially dependent on him? Keep in mind if he has a significant amount saved for retirement this may be sufficient to support the spouse. How long until they have enough saved that life insurance becomes unnecessary?
3) Does he have a large estate for which the death benefit could cover estate taxes? If this is the case he should probably have a real financial adviser doing his estate planning.

Honestly, this sounds like a life insurance salesman that found a "mark" - someone too trusting for their own good. There is almost no scenario that I can imagine that someone should be able to sell your uncle this policy with his best interest in mind.

If he needs more life insurance look into a term policy (although any life insurance will be very expensive at 57 years old). If he is looking for a savings vehicle open up a brokerage account at Vanguard (takes 10 minutes) and purchase an equity index fund that should have a very low expense ratio (~0.2%) and will be very tax efficient even in a taxable account. If he can pair his equity holdings in taxable accounts with fixed income holdings (bonds) in his tax-advantaged accounts -401(K)'s, IRA's, etc - as these are less tax efficient than equities and benefit more from tax advantaged accounts, he should be well diversified and very tax efficient with a low expense ratio.

Sorry for the rants, but one of my biggest pet peeves is life insurance salesman pretending to be financial advisers and using and abusing unknowing, good hearted common folk.