<prompt> Human: I am a 21 years old college student and I received a call couple weeks ago from my parents telling me that they bought some kind of insurance for me. It wasnt very clear but they said it was investment related. I received the mail today and was very surprised it was a life insurance with them as the beneficiary. I am really confused as why would they do this since I dont think I would die any time soon. The premium they are paying is 1500 a year, and they get 100,000 if I die. Does life insurance have an investment component that I dont know about? 1500 a year seems like a lot of money for this. Thanks.  <response>: Its a whole life policy. Theyre garbage and are sold largely because the commissions are enormous. A similar amount of coverage in a term policy would likely cost less than 300 a year for you. If they want investments, make investments. 