Anonymous
Post 02/23/2023 22:01     Subject: Should the elderly have life insurance? (parents & "third party contact")
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.
Anonymous
Post 02/23/2023 13:04     Subject: Should the elderly have life insurance? (parents & "third party contact")
Let the heirs take over premiums. That's what my uncle did and it worked out very well for them.