Question: I have two life insurance policies — one that my parents bought when I was born and one I started purchasing about 10 years ago to lower a car insurance policy. I believe they’re whole life policies. My financial advisor recommends combining the two and using them as an investment for the future. I’m in my mid-30s, unmarried, have no children, no debt and plenty of cash reserves. I know that you have recommended never using life insurance as an investment. Have your views on that changed?

Ric: No, our views have not changed. The only people who will tell you to buy insurance as an investment are salesmen who make large commissions selling the policies.

Life insurance is vital for most people. But is it vital for you? You can tell by answering a simple question: Would anyone suffer financially if you died?

If the answer is yes, then you need life insurance.

But your situation suggests that no one would suffer financially from your death. Therefore, you seem to have no reason to own life insurance. I cannot understand how it serves your best interests to buy new life insurance policies or maintain your current ones.

It appears that you’re dealing with an insurance salesman who is more focused on his best interests than yours.

I recommend you instead talk with an independent, objective, fee-based advisor who does not suffer from such potential conflicts of interest.

Kudos to you for getting a second opinion before you acted.