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Originally Posted by CHUBROCK
Am I just wasting my money paying life insurance on my perfectly healthy children?
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Absolutely!
The purpose of life insurance is to replace lost income if a person dies. If I were to die, my wife and daughter would need insurance money to replace my income. If my wife were to die, I would need some extra money to handle child care until my daughter is independent.
If my daughter were to die, we would need nothing other than a few thousand for funeral expenses. I don't need an insurance policy for that, just some savings.
Insuring children is one of the biggest rip-offs in the insurance industry IMO. It totally plays on the heartstrings to make parents think they are being bad parents if they don't do so.