Should I renew my life insurance policy?
February 20, 2014 2:40 PM Subscribe
My parents bought whole life insurance when I was born and it needs renewed. I was going to let it lapse, they want me to renew - do I really need life insurance?
posted by lpcxa0 to Work & Money (18 answers total) 2 users marked this as a favorite
As the title says, I was going to let the insurance lapse as I'm a healthy late 20s male with no wife, kids, a decent savings amount and don't have much debt (3K remaining on a car loan). The only thing going against me is I have a preexisting condition (cancer) from when I was 10. They want me to renew since they were told by their agent that I'll be hard and expense to insurance if I let it lapse, I say it's not worth the premium.
It's a $10,000 policy for $80 a year, is it really worth it? I follow Dave Ramsey's advice who says it isn't worth it (get term when it's needed), but wanted to get the community's opinion or who might be more experienced with it.