Quote:
Originally Posted by karl_boss
Well I was at the point where, I really didnt have a choice but to agree because my parents were already signing everything, But I believe I can cancel and get the amount I put into it for the past year.
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I’m still trying to figure out how life insurance on YOU would ever pay YOU anything - and certainly not 300k when you turn 30. You realize that generally life insurance is something you pay for every month so that someone ELSE gets paid a big benefit if/when you die (that’s called “term” life insurance). The reason why you have it AT ALL is if you are married (or I would say have kids) so that if you die, they aren’t out on the street and hopefully can go to college.
There are insurance “products” in the U.S. that wrap an investment up with life insurance (generally called “whole life”) such that you have equity in the policy - but I think they are generally a bad idea ESPECIALLY if you are young and single and should have no need for life insurance at all.
I really hope your parents haven’t convinced you to purchase life insurance on yourself that names them as beneficiaries.