Life insurance with no family

[Blk91stang]

Do what you feel comfortable doing first, that's the most important.

If you feel you can start investing that money instead to make a profit and then distribute that to your beneficiary's, that's a financially smarter decision for you and them...

I'm also 34 and no extra life insurance except what my company gives for free (50K I believe) with no kids. Honestly, if someone needs more than that to help (should be plenty to cover all death related expenses), they should take a closer look at their financial situation and see if it can be improved upon before looking for the easy way out so to speak. Insurance companies are making fortunes from this worry, so when you're ready, stop paying them and pay yourself.

Don't let anyone tell you that you need life insurance and don't feel pressure from some ass hat that proudly tells people he has a 1M policy for his family. To me that's concerning in itself and shows he lives a very money hungry life, pushing the limits of debt vs income, and like to show off in general. If he invested it properly, he wouldn't need to pay someone else to pay his family......

 

[RedRocketMike]

Hey man, that's a very thoughtful idea. If you're willing spend money on insurance; let's play the real odds here. I think you would be smart to get a modest insurance policy. 50-100k. And some short and long term disability insurance through Aflac or something similar. Much more likely that you get hurt than die. You need to look out for number 1 too.

I talked my brother into that Aflac insurance a couple of years before he broke his ankle.

 

[awful knawful]

When I was 22 I insured myself and my parents for $100 000.

I had 2 younger sisters, one in nursing and another in jr high.

3 of us lived at home.

I figured if my parents passed it'd be enough to get nurse through school and keep the house going, then she could help sister #2 through school, etc.

They're both nurses, married, as am I.

I still have the policy. My parents are still kicking. If they both pass before me I'll get $100k. If I go first my wife will get $100k.

I think it's $75/ month. And there is a Max I pay. Maybe $30k????

Not long after they did away with this policy.
My father always jokes to people "do you know any kid that insured his parents"?

 

[Pribilof]

No dependents... What risk are you trying to insure with life insurance? It's not supposed to be a lottery ticket. Invest and maker your sister the TOD beneficiary.

 

[BlckBox04]

I agree with the others in this thread that you need to invest for yourself now OP. As grim as you think your situation is at the moment, doesn't necessarily mean that you can't capitalize in other ways.
I know as much as you want to be able to take care of your sibling which is extremely honorable of you, what you consider life changing now may not be as life changing as you think.

 

[velocicaur]

Well, a small miracle happened and I got a new job today. One of the perks is full medical benefits, short/long term disability, and life insurance.

It looks like I'll be able hold off on my own policy for now.

Thank you for all the input!