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longshanksasaurs t1_iuevtbe wrote

Reply to comment by Reasonable-Program29 in Parents in IUL will it hurt them by Reasonable-Program29

Term life insurance is best used to support people who depend on your income to survive, not to leave an inheritance to adults.

If you're already in your 20s-30s, you may already not rely on your parents income, and 30 years from now you really shouldn't be relying on their income.

If your parents want to leave something to their heirs, they should be investing -- that money can be used if they need it in their lifetime, and can be left to you adult children if they don't need their own money.

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Reasonable-Program29 OP t1_iuewti3 wrote

None of us rely on their income. It's entirely them that want to leave a little more than their savings after they pass. But want it guaranteed as opposed to a 30-year Term.

They've never been taught basic investing so they're risk-averse in losing money from stocks that's why they like the IUL pitch. And I find it difficult to change their minds this late in their life about it. I just hope it won't hurt their current lifestyle.

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