<prompt> Human: crossposted from rfrugal since they said you guys would have some good advice as well :First of all, can I just say that it is LIKE PULLING TEETH trying to google this issue? Seriously, every website that has the word young and insurance together reads like an advertisement. Most of them are run by insurance companies as well. Give it to me straight reddit!Heres the issue. Parents have been investing into this life insurance thing since I was really young and didnt tell me much about it. Now its my turn to take it over. I guess it works kind of like an investment account cause theres 5400-ish in there that I can withdraw tax-free and just use for whatever I want.Im:- in good health- single- have no childrendont plan on having children until my mid-30s- have no mortgagedont plan on buying a house until MAYBE I have children, in my mid-30s- have no income right now finishing up grad school, should have a job in about 5 months- have no debts no credit card debts, no student loans! My parents really value education and paid for half my schooling while I paid for the other half through summer jobs. I plan on paying my parents back for what they put into my education when I do land my career-job. But basically I dont owe an institution anything.Parents say the insurance rate is like 60 a month or something, which seems REALLY HIGH compared to what Im reading online that most people my age pay 25 a month. The idea is supposed to be that buying life insurance when youre young is a good idea cause you pay a lesser rate. WHAT I DONT GET is WHY. Whats the point of paying a lesser rate if I have no dependents??? Wouldnt it be a better idea to cash out on my insurance savings and invest that into a REAL investment account?EDIT: I think Ive convinced them its a bad idea. Theyre considering canceling the renewalpolicywhatever and cashing out on the 5k. They bought it out of love for me and I dont want to touch the 5k right now and invest it in something. Ive never done this before and my parents havent had the greatest history on investments lol, do you guys have suggestions for that too?EDIT2: OK OK dont worry Im not touching anything until I look into it more, I realize now that there are different types of life insurance and this one that my parents have been investing in might actually be really good. In that its almost reaching the point where its working like a savings account. Ill ask around and ask insurance guy about it hes just a smooth talker though so I was a bit distrustful of him ahah.  <response>: To be honest, I wish my parents had done that. I was diagnosed with Type 1 Diabetes at age 10 and now, as a 29 year old wife, mother and homeowner, I cant get it. Wish I could for my husband and daughters sake. You just never know. 