Should the elderly have life insurance? (parents & "third party contact")

[Anonymous]

Let the heirs take over premiums. That's what my uncle did and it worked out very well for them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents have whole life policies although I can't imagine the payout if big. My dad just retired at 70 and my mom has only ever had minimum wage type jobs so I imagine he wanted to make sure she would be taken care of if he dies first. He's also tried to tell me it's kind of like having an investment although I don't really get it. when shopping for life insurance year ago, I took one look at the price tag for whole life and went straight to term.

It is kind of like an investment, with crappy returns.

+1. And the people who advocate for it are the same ones who try to push annuities. Run.