i work in life insurance. trust me, unless you're wealthy, it's nice to have. funerals and burials are very expensive and it's not the kind of thing you shop around to find a better price on when you need it!!! i've witnessed this first hand. the last thing you want to have to worry about when your loved one dies is how you're going to pay to bury them and what costs you can cut to "save money".
it doesn't sound like you're trying to get a policy to pay for school or buy you a house so i don't see the harm in it, again unless your dad is wealthy and would leave enough to pay for everything but even with that money is often tied up and you wouldn't get access to it for weeks or months after the person has passed.
i DO think it is responsible to get a life insurance policy if you have young kids because that loss of income should a parent die could impact their quality of life and it just feels like the right thing to do for the surviving spouse or parent. of course it's cheaper to buy the younger you are and better to buy before you have any major health issues which will surely jack up your premiums.
you CAN buy life insurance without the person ever knowing but it is tricky and generally frowned upon in the industry now.
the physical required for underwriting is not invasive. they can come to your home or place of business, weigh you, draw blood and get a urine sample. based on your dads age they might order medical records, if he doesn't have them he doesn't have them but the price of the policy will probably be higher given the absence of medical records.
you can get free insurance quotes on-line and that might give you an idea of if it's worth it to you financially to get a policy on your dad of if you want to have a discussion with him about how he would suggest things be handled should he die.
i'm "younger" with no dependents, except for my 2 dogs which i've specified to my parents i wish should be taken care of....anyway, i have a policy. i've told my mother about it and hopefully i'll marry and have kids and it would be there for them. i got a 30 year level term with return on premium so if i live the whole time i'll get a nice check back totalling all the premiums i've paid at the end of the 30 years but if i die during that time my burial at the very least would be taken care of and my family and/or dependents would at least not have to worry about such a great financial loss too. i feel that dealing with these things are not glamorous or fun to talk about but i can tell you it's super hard to have to think about these things and make some decisions when the person dies, especially if it's suddenly like in a car accident or something.
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Last edited by luvmylocs; 11-05-2009 at 01:40 PM.