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Old 01-28-2018, 02:45 PM
 
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No, you do not need life insurance. Use any extra to put toward your retirement.

If you have abusive parents, distance yourself from them.
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Old 02-03-2018, 02:17 PM
 
Location: SW Florida
9,194 posts, read 4,004,178 times
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Quote:
Originally Posted by vanizorc View Post
Thanks - yep, I have read lots about life insurance being a waste of money if you don't and never will have dependents. The only argument for purchasing it in my situation would be the burial/funeral costs if I happen to die, but I didn't want to shell out $160/month for just that! So thanks for letting me know that it's possible to purchase a separate "burial policy" that isn't a life insurance policy.

(Kinda off-topic, but this might shed some light: my controlling/abusive parents are trying to force me to purchase life insurance with them as the beneficiaries. They quoted me $160/month, which is where the above figure came from. I told them I don't want to purchase it as it would be financially detrimental to me. They are currently throwing a tantrum about it. I want to arm myself with more counter-arguments in case they persist.)

I work in the insurance industry and if you are 27, don't smoke and are in good health you should be able to get life insurance for about a third of that amount. How much were your parents wanting to insure you for? Sounds like a lot for $160. How abusive are/were they? Enough to coerce you into buying life insurance and then seeing that you had "an accident"?
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Old 02-06-2018, 06:01 PM
 
Location: Oregon, formerly Texas
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If a single person has a niece or nephew they care about... maybe the life insurance could be for them.
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Old 02-06-2018, 10:29 PM
 
Location: Denver CO
19,186 posts, read 10,208,399 times
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Quote:
Originally Posted by redguard57 View Post
If a single person has a niece or nephew they care about... maybe the life insurance could be for them.
Yes, and when I had employer provided/paid for life insurance before I had my own child, I did say that I wanted it to go to my nieces. But I certainly didn't pay premiums for that coverage just so my nieces could have a windfall if I died when they were not dependent on my income.

Once I had a child of my own, I of course increased my life insurance to cover his living expenses for the time period that he would be supported by me.
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