Re: Life Insurance?
You don’t need life insurance.
If you die, it’ll most likely be an auto accident and your auto insurance should cover your funeral (find out how much they pay).
If you die, and you have NO life insurance, your debts get paid by what little assets you have. For example, the bank might want to sell your car, if it’s paid in full. But most likely, the bank will just figure that your loan is now defunct and will add it to the bad debts pile.
If you die, and you have life insurance, your debts get paid by the life insurance. So, basically, your life insurance is just a waste of money because it’s just going to go to the banker. And, when you’re dead, who cares about the banker? Nobody! (Except for the banker.) Now, if you have a ton of insurance, your parents will get what is left of it. In that case, tell your parents to pay for it because they are benefiting from it.
Now, if you had a mortgage and a family, then you want life insurance so that the mortgage gets paid off and you can leave some extra money to help your spouse raise the kids.
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