by Chareo » Thu Aug 28, 2014 02:31 am
if a son or daughter purchases a life insurance policy for one or both of their parents, and stands to profit from the policy when the parents dies, should they ask their sibling(s) if they want to invest? Wouldn't that be the right thing to do? Is the purchase considered an investment for the child/children?
Posted: Thu Aug 28, 2014 07:03 am Post Subject:
Life insurance is NOT AN INVESTMENT! It is simply a product that pays a death benefit to one or more named beneficiaries when the insured dies and the policy is in effect. No one "profits" from a life insurance death claim, except a person who is committing insurance fraud, and even then, usually not for very long.
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