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Sweepsplayer: Your student loan must be paid before your parents will get the money. (They're just not responsible for the student loan if your assets can't cover it.)
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Defcon: this is incorrect. The life insurance benefit passes to the benificiary and creditors have no claim to it.
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This makes a really big difference on what OP does. Can one of you post a definitive link?
I do not have debt or dependants so I do not have life insurance except for the automatic little work policy at 5K-no cost to me; and a little policy from my credit union-2K, no cost to me (but they send me letters all the time explaining how I can bump up the coverage at a low cost.)
OP, you may want to check if you have any automatic coverage like I do.
This does remind me that I
want a
small funeral and I'd better put my plans on paper.
If my loved ones pay less it will be more respectful to my memory, not less, and if it's on paper a funeral home can't bully them while they are grieving.