Reply to Life insurance for adult child -- is this common?

Forum Index » Adult Children

Reply to "Life insurance for adult child -- is this common?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]My spouse's parents had him get a life insurance policy when he was 22, with them as the beneficiaries. He paid the premiums. When we got married we were sorting finances and I asked about that expense (it was about $20/mo) and he explained what it was. He was 35 when we got married and I asked if it was necessary to keep it. I didn't understand what it was for -- he doesn't support his parents financially, and then have government pensions and a paid off house and are perfectly comfortable in retirement. He pushed back and said he didn't feel comfortable giving it up, so I left it alone.

Then it came to the end of term (it was a 20 year policy) and he was prompted to renew, and he decided not to renew on his own, I didn't weigh in.

But I've always found this odd. Is this something others have done? Why would someone in their 20s need life insurance at all, unless they had dependents or a spouse with whom they shared finances? I've just never understood why DH's parents encouraged him to do this or what it was for. The policy was much larger than would be necessary just to cover stuff like funeral costs  (and they are well enough off that something like that wouldn't have been overly burdensome either).

I'm not judging, I just don't understand and my DH doesn't know either, he just knows his dad kind of hounded him to do it when he graduated college and their relationship was such that he felt he had to. It wound up being thousands of dollars in premiums over 20 years.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics