Quote:
Originally Posted by CincyJohn
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.
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I really dont know honestly, all I know is I could either withdraw it when I turn 30 or keep it and withdraw once I wanna retire.