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I agree except for life insurance. Most life insurance (at least a whole life policy) is a way to pass on wealth tax free, rather than a real insurance policy.
by chrisBob 12y ago
I agree except for life insurance. Most life insurance (at least a whole life policy) is a way to pass on wealth tax free, rather than a real insurance policy.
- grecy 12y agoAnd why would you want to do that? You're assuming that passing on wealth is a good thing, implying that it will make your kids happier. In all honestly, when my parents pass, I genuinely hope they've spent every cent of what they earned in their lives and my brother, sister and I wind up with nothing more than photo albums. They worked their entire lives for that money and I want them to spend and enjoy that money. I can earn my own.
- Jtsummers 12y agoI would like the same for my parents. But I choose to keep my employers life insurance because it's cheap (about $100/year) and between it and my savings will more than cover both my sister's and my parents' current debt (mortgages). Should I die suddenly, they won't be happy but the cost to me is negligible and the benefit to them is great. Once alleviated of the debt and annual expense they'll all be able to retire a little bit earlier or a little more comfortably. Sure I don't get anything out of it, I'm dead, and the money won't bring me back. But it will bring them some financial peace. Now, if it were more expensive I might have a different view on it. I certainly have no intention of buying more life insurance until I end up with actual financial responsibilities (spouse, kids) that would more obviously need the money in my absence. EDIT: Word choice, I slept better last night than I have in months, but it's still not enough. Sleep deprivation wrecks my ability to write.