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Originally Posted by JBRIGHT
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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Quote:
Originally Posted by DeniseM
Most people who have replied to this thread have got it wrong. You are doing the right thing by not letting your dad take on the financial burden of funding your final expenses.
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Denise, it isn't the part about covering funeral expenses that we are questioning. It is the part I bolded. Why does he need to leave his father "extra money to live on" unless his father is currently dependent on him?
The purpose of life insurance, IMO, is not to pay a windfall to someone just for the heck of it. Insurance is to replace lost income that someone needs to live. If I die, my wife and daughter couldn't get by without my income so I have insurance to provide for them. If the OP currently supports his father financially, then he should have insurance to cover that upon his death. If he does not currently support his father, there is no need to do so.