{ "media_type": "text", "post_content": "Do you guys have Life insurance policies? My parents are telling me to get started on it since I’m 25 now. Thoughts?", "post_id": "5fbfe276a7f3720024efb521", "reply_count": 26, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Do you guys have Life insurance policies? My parents are telling me to get started on it since I’m 25 now. Thoughts?

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Personal opinion: whole life insurance is always a waste and term life insurance is only needed once you have financial dependents

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^^^ this. Whole life policies are always sold as some investment tool and it is a bad investment. No need for insurance if you don’t have people that will depend on you financially. If anything get a cheap funeral policy to help cover costs of dealing with your body. If you have a lot of assets write up a will so the government doesn’t keep it all.

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Invest what you would have paid in premiums. Stay healthy. Pay yourself not a business.

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Do you plan on having kids? Do you plan on leaving beneficiaries anything after you pass? Important things to determine before you consider insurance on your life.

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Bought one with cash surrender value. After 10 years I will probably use it as an investment collateral or something of the sort. Always good to have in your back pocket

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I’m not having kids and I don’t have any dependents. So...no. My parents and partner will inherit my investments if I die, which is a healthy sum in and of itself.

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Buy a term product for now. Can look into Whole Life, UL, or IUL when you are in early 30s, and then Variable annuities or fixed indexed annuities in your 50s. Tax advantages.

Variable Life and all annuities are horrible unless you have many tens of millions and need to provide liquity to heirs for taxes. They are tax inefficient, costly and illiquid.

Accenture doesn’t provide life insurance as a benefit?

Because if you don’t buy one now, it gets harder to buy one as you get older and/or get new health problems, and if you leave the company you may have to buy your own. It’s cheapest and easiest now.

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I picked up a 30-year term policy at $30/mo just to get started. I’ll supplement it later in life when I have actual liabilities but at least I won’t have to buy as much coverage.

Yes I do and I’m 25. I have one with ACN and a separate one. My parents and siblings are my beneficiaries for my life insurance policy, 401k, and other investment plans.

No, I don't have dependents so why would I

I did, but now that my kids are mostly grown and the house is paid for, I’ve reduced it from $5M to $1M. There are enough assets to make everyone comfortable without continuing to pay ever rising premiums.

Yes trough work and life insurance for my house.

No

If no one depends on your income, there’s no need to have life insurance.

If you have a dependent that would need money then it makes sense.

I have term 20 year, 50 a month for 1 million. Got it at 35 just in case

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