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Old 12-30-2017, 08:47 PM
 
Location: Raleigh
8,007 posts, read 5,287,613 times
Reputation: 9647

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Quote:
Originally Posted by ClaraC View Post
<>But no. If you don't ever intend to leave any dependents/beneficiaries when you pass, life insurance is completely unnecessary.
I agree with a side remark:
There is no need to buy life insurance now even if you do expect to have dependents in the future. And all you need is to provide for those dependants for 5 years, not forever. Yes, the premiums will be lower now, but that is for a return you will never get. That BS is where whole life and universal life come in and rip you off.
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Old 12-30-2017, 10:28 PM
 
Location: Canada
85 posts, read 61,858 times
Reputation: 167
Quote:
Originally Posted by Crashj007 View Post
No, never,not, no way.
If you do get coerced into this debt name the beneficiary as the estate of yourself. IF you have no surviving dependants it goes to the oldest surviving parent anyway.
Go online and get a quote for 10 year term for $10,000. You can have a burial like a king.
Actually life insurance is the last thing to worry about if you are thinking about end of cycle issues.
You might need:
A Will to dispose of real property and designate an executor
Provision for natural death medical care
Durable Power of Attorney
Medical Power of Attorney
Provision for medical caregivers to disclose medical information
A letter directing for disposal of personal property and disposition of remains.
Then ask the parents if they have these in place and ask to see them.
"Hilarity ensues"
I will ask them these questions if they persist in trying to coerce me. Thanks for pointing them out!
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Old 12-30-2017, 10:29 PM
 
961 posts, read 920,959 times
Reputation: 1189
I'd say the only advantage would be get a whole life policy only if you're outlook is expected to change. The premiums should be lower since you're so young, but if you don't plan on have dependents there really isn't much of a point unless you want to make sure you leave something to a beneficiary. There are much better investment vehicles for you at this point.

My wife took out two policies at the age of 28. One is a whole life policy and the other is a hybrid that was originally combined for a $500K payout. 4 years later, the dividends of one policy pays into paying the premium while the other increases the coverage. She's contributed $40K to date (less $6K in total fees), but the death benefit has increased to $690K. We should be all paid up in 7-10 years where the dividends will cover the premiums (by then, we would have invested a total of $110K-140K). Our financial advisor was surprised at how low the premiums were for a healthy 28 year old female because more of his customers are males in their mid 40s. Again, there are better investment products out there. We decided to buy this as means of diversification, and we wanted to throw some business to a friend of a friend.
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Old 12-30-2017, 10:34 PM
 
Location: Canada
85 posts, read 61,858 times
Reputation: 167
Quote:
Originally Posted by Crashj007 View Post
I agree with a side remark:
There is no need to buy life insurance now even if you do expect to have dependents in the future. And all you need is to provide for those dependants for 5 years, not forever. Yes, the premiums will be lower now, but that is for a return you will never get. That BS is where whole life and universal life come in and rip you off.
This was on the back of my mind as well. Yes, I am *certain* that I do not want kids or get married (and my parents know this), and the consensus here is that life insurance will serve no purpose for someone in my situation.

But hypothetically speaking, if I did have plans to have children/get married in the future, I've read that it would be better to buy life insurance sooner rather than later, to lock in lower premiums. I'm assuming you're saying that this is also a waste?

Also, is term life insurance just as useless as whole life insurance? (for someone with no dependents and will not have any)
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Old 12-30-2017, 10:38 PM
 
Location: Canada
85 posts, read 61,858 times
Reputation: 167
Quote:
Originally Posted by kwong7 View Post
I'd say the only advantage would be get a whole life policy only if you're outlook is expected to change. The premiums should be lower since you're so young, but if you don't plan on have dependents there really isn't much of a point unless you want to make sure you leave something to a beneficiary. There are much better investment vehicles for you at this point.

My wife took out two policies at the age of 28. One is a whole life policy and the other is a hybrid that was originally combined for a $500K payout. 4 years later, the dividends of one policy pays into paying the premium while the other increases the coverage. She's contributed $40K to date (less $6K in total fees), but the death benefit has increased to $690K. We should be all paid up in 7-10 years where the dividends will cover the premiums (by then, we would have invested a total of $110K-140K). Our financial advisor was surprised at how low the premiums were for a healthy 28 year old female because more of his customers are males in their mid 40s. Again, there are better investment products out there. We decided to buy this as means of diversification, and we wanted to throw some business to a friend of a friend.
Do you know what other, better investment avenues are out there? (I'm a newbie at investments, as I really only have a regular savings account right now.) I'm located in Canada, not the USA.
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Old 12-31-2017, 02:05 AM
 
11,605 posts, read 5,449,768 times
Reputation: 10975
That is so weird to me. Yeah, let them pay if they want more than burial costs if something should happen to you. Make the burial part to your preference. If you want to be cremated the policy for that is pretty cheap.
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Old 12-31-2017, 04:42 AM
 
Location: NJ
22,668 posts, read 28,551,950 times
Reputation: 14606
Your parents are planning on murdering you.

You Don't need life insurance. Even if you changed your mind about wife/kids, life insurance will be there when you do.
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Old 12-31-2017, 05:30 AM
 
11,888 posts, read 14,355,740 times
Reputation: 7526
If there is some charity you really like, and you want to leave a legacy. Perhaps you want to establish the Vanizorc Scholarship Fund. Maybe the Vanizorc home for abandoned rabbits (just examples).
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Old 12-31-2017, 06:05 AM
 
11,605 posts, read 5,449,768 times
Reputation: 10975
Quote:
Originally Posted by CaptainNJ View Post
Your parents are planning on murdering you.

You Don't need life insurance. Even if you changed your mind about wife/kids, life insurance will be there when you do.
LOL. I had the same thought. Too many true crime shows watched over here,,,, I never want life insurance,,,,,,,,,
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Old 12-31-2017, 06:53 AM
 
Location: Fairfax County, VA
1,387 posts, read 600,332 times
Reputation: 2723
If you have any sort of debt or real property in your name, you should have (among other things) a cheapo term life policy to provide instant liquidity to whomever will be tying up the leftover loose ends of your life.
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