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Originally Posted by JBRIGHT
I’m a 23 year old, non-smoking, healthy. I’d like to purchase life insurance so that if anything every happens to me, my Dad(who I’d have as my primary beneficiary) would have enough to pay funeral expenses and have extra money to live on.
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Do you currently financially support your father? If so, then this certainly makes sense since he would suffer if you were to die prematurely.
If you do not support your father, there is no reason to have coverage that would pay him a windfall upon your death.
As for funeral expenses, save up an emergency fund that can be used for that purpose. Your father should have his own emergency fund which could also be used for that.