Hello MMM & gang,
I'm a 36 yr old husband w/ 2 small kiddos so I do the responsible thing and have life insurance, for $320 /yr I have a comfortable amount of coverage for the family. I think this just makes sense.
My real question is - do I spend money to insure my parents? Some background, they're getting older (65 yrs) and don't have any estate to leave behind, but they've decided to have their remains donated to medical school for science. So, despite your feelings on that, when they pass on I won't have any funeral bill. They suggested I take out an insurance policy just to help out our family expenses when they're gone. For about $800 /yr the policy would pay $200k.
The whole thought of benefiting from my parents passing is extremely uncomfortable but I wonder if it makes sense to do this for my family, and if so, does it make financial sense ?
Thanks all.