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Old 12-31-2017, 08:53 AM
 
Location: Canada
85 posts, read 61,978 times
Reputation: 167

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Quote:
Originally Posted by 17thAndK View Post
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.
I do not have any debt (just paid off the last of my student loans a few months ago), but in the future, I may get a mortgage to purchase a property. Will getting a life insurance policy right now (at the relatively low premium of $160/month) offer any benefit for a future mortgage?
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Old 12-31-2017, 09:09 AM
 
Location: Oceanside, CA
1,738 posts, read 828,725 times
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Quote:
Originally Posted by vanizorc View Post
Will getting a life insurance policy right now (at the relatively low premium of $160/month) offer any benefit for a future mortgage?
No. And $160 per month for someone your age is not "relatively low".

Don't do it.
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Old 12-31-2017, 09:21 AM
 
Location: Denver CO
18,977 posts, read 10,047,592 times
Reputation: 27756
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.
Quote:
Originally Posted by jencam View Post
LOL. I had the same thought. Too many true crime shows watched over here,,,, I never want life insurance,,,,,,,,,
My thought too.

If you go over to visit them, bring your own food and don't let it out of your sight!!
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Old 12-31-2017, 09:42 AM
 
Location: Canada
85 posts, read 61,978 times
Reputation: 167
Did some more research on the net, and yes, it seems that $160/month is a very high figure for a healthy 27-year-old (I think this is for a whole life policy). I would barely be able to afford it anyway.

But what about purchasing a term life insurance policy in preparation for a future mortgage? I just read an article about it, and if I am to get insurance on my mortgage, a term life insurance policy is supposedly much better than mortgage insurance offered by the bank: https://www.thestar.com/business/per...insurance.html

What the article DOESN’T talk about, though, is whether life insurance is even necessary or desirable for mortgages in the first place. I’m wondering about that.
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Old 12-31-2017, 09:47 AM
 
Location: Raleigh
8,007 posts, read 5,293,755 times
Reputation: 9647
Quote:
Originally Posted by jnojr View Post
No. And $160 per month for someone your age is not "relatively low".
Don't do it.
^^ +1 on every point.
IF YOU MUST: Search on line for cheapest possible 10 year term to get the parents off your back. Should not spend over $C50/month.
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Old 12-31-2017, 10:05 AM
 
Location: New York Area
13,416 posts, read 5,212,020 times
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I see no benefit unless for siblings.
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Old 12-31-2017, 11:51 AM
 
Location: NJ
22,674 posts, read 28,568,174 times
Reputation: 14611
Quote:
Originally Posted by vanizorc View Post
I do not have any debt (just paid off the last of my student loans a few months ago), but in the future, I may get a mortgage to purchase a property. Will getting a life insurance policy right now (at the relatively low premium of $160/month) offer any benefit for a future mortgage?
I pay about that for $4 million in term life insurance. Are you a head of state that will have a very elaborate funeral? I want to be invited.
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Old 12-31-2017, 12:40 PM
 
4,842 posts, read 2,149,409 times
Reputation: 12324
who knew that singles don't die ever!
Okay back to reality. The monthly premiums you are quoting here are outlandish for life insurance.

Be I single or married at the time of my demise I have charities and a few folks who could benefit from this last token gift I'd be glad to bestow them.

But please feel free to attend to your life goals as you wish. Be you married , childless or single, there are causes worthy of contributing to if you so care.
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Old 12-31-2017, 02:09 PM
 
Location: Canada
85 posts, read 61,978 times
Reputation: 167
So...I just spoke with the insurance dealer, and I refused the life insurance. Parents didn't put up a fight, so it's a good thing they didn't plan on murdering me I did, however, purchase Critical Illness Insurance for about $200/month (I think that was the quoted standard figure for my age; I'll have to wait until my health form application is processed to confirm).
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Old 12-31-2017, 02:11 PM
 
Location: Northern panhandle WV
2,250 posts, read 1,747,172 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.)
Tell your parents to buy it themselves. I have a 250K policy on one of my son's who has children.[by the way I pay $35. a month for his policy and he is 32 years old.
They as your parents have an insurable interest in you. It would probably require you going for an insurance physical and signing your permission for them to insure you.

No reason you should pay for it though. Regarding you taking out a policy yourself, perhaps a small policy that would cover all your final expenses. Depending on how you die you could have medical as well as death expenses.
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