| Age 23- Life Insurance??? |
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Dubya123
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| Age 23- Life Insurance??? |
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I have no dependents. Single. Only health issue-high BP (i take meds-Stressful Job). 60k salary. 70K between IRA, Roth, Savings, and 401K.
I've been told that its a good idea to get some type of life insurance while its cheap and while i am young (insurable). I am clueless when it comes to insurance. What type of Life insurance is this person referring to? Having no dependents makes me think that its not a good choice for me at this time.
Thoughts?
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Tue Jun 26, 2012 4:49 pm |
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littleroc02us
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IMO, I would only get life insurance when you have someone in your life (child, spouse) that is relying on your income to survive. When that day does come then I would immediately get term life insurance that is 10 times your income. The premium could be as low as $30 for 1 million dollars 20 year term if you are in good health and are under 40. I just got term life insurance last year at age 40 and I feel it's the most responsible thing I could do for my family. Do not enter any Whole Life products with cash values because the fees are high and the premiums are high, plus investment vehicles should never be tied in with policies. Smart investments are index funds, mutual funds, Roth's and real estate. Good luck!
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Jun 26, 2012 8:49 pm |
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Dubya123
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ok. Yea.. men in my family dont tend to live much past 65... depressing but i've taken action to start on a path of healthiness. That being said, my High BP is probably some genetics but mostly job stress. Locking something in would be ideal. You both mentioned term insurance. Can you point me in a direction (more of a direction than google) that would help me learn more about it. (or offer up any suggestions..i'll gladly listen).
THANKS!
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Wed Jun 27, 2012 9:26 pm |
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littleroc02us
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Here is what I would suggest to get the best rate, it maybe be cumbersome but it will work. Go to your doctor and ask for a lipid test where they check your cholesteral, tryglycerides, blood pressure, etc... This will be your baseline. Then spend the next 6 months planning out a very nutritious menu plan to get on a healthy lifestyle. Also, start exercising on a regular basis and stop smoking or drinking if you do. Then go into your doctor again after 6 months and get another lipid test. Compare the differences and they should be remarkably different.
At this point I would start shopping Term life insurance. Zander Insurance is where I went and they will get a bunch of quotes for you after you take their lipid test and that is mostly what your rate is based on, of course being as young as you are will help. Good luck!
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Jun 28, 2012 1:33 pm |
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tlyhr
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All anyone would want is to secure their family financially. Life insurance does this. It helps you to ensure that your family is financially secure at all times.
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Wed Jul 11, 2012 6:59 pm |
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Vishenda
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they said the earlier the better.. So that the time you will badly needed it, the value of your insurance is very high.
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Fri Jul 13, 2012 8:33 am |
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debedwards
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I don't think it's necessary this early. As you've said you're single, you have no dependents and you are only 23. Also, this is not advisable if you have a mortgage. You can get coverage once you've started a family. That's the perfect time to get one.
elder care specialist | long term care insurance costs | life line screenings
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Fri Jul 13, 2012 9:56 am |
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Dubya123
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Is that whole lipid test and preparedness actually work? I guess I am ignorant when it comes to what they test for, or how its scaled but I find the idea interesting, nonetheless.
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Fri Jul 13, 2012 12:48 pm |
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littleroc02us
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quote:
Originally posted by Dubya123
Is that whole lipid test and preparedness actually work? I guess I am ignorant when it comes to what they test for, or how its scaled but I find the idea interesting, nonetheless.
The lipid test is the same thing you get when you go to the doctor. It is a good indicator of what's in your blood, cholesterol, HDL, LDL and Tryglicerodes.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Fri Jul 13, 2012 1:10 pm |
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Max G
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Most life insurance are not worth it for a single, young person. You can't take the money to the other side. If you are planning to start a family and have kids than term life insurance is worth considering. Maybe for 20-25 years to make sure your kids will be taking care of and can afford college if something happens to you.
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Fri Jul 27, 2012 4:34 pm |
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bagsion
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quote:
Originally posted by Max G
Most life insurance are not worth it for a single, young person. You can't take the money to the other side. If you are planning to start a family and have kids than term life insurance is worth considering. Maybe for 20-25 years to make sure your kids will be taking care of and can afford college if something happens to you.
I agree with it.
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Fri Aug 03, 2012 9:24 am |
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Dubya123
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To summarize (for my full understanding).
-The main argument against whole Life insurance for someone in my position would be that I have no dependents (and no immediately future of any).
-What about the arguments for it providing a small but guaranteed annual return?
- the only life insurance one should consider at my age would be a variation of Term life insurance, correct?
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Mon Aug 06, 2012 6:01 pm |
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littleroc02us
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Insurance should never be used as an investment tool, because it's fees are high, the death benifit they keep if you dies which is ridiculous and I can get a much higher rate of return from investing in an index fund over the long haul. (30-40 years)
Risk comes from not knowing what you're doing. (Warren Buffet)
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Mon Aug 06, 2012 7:49 pm |
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Dubya123
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Great points.
Others have additional incite?
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Tue Aug 07, 2012 7:37 pm |
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warnereliot
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Life insurance is a great means of keeping your family secured financially even when you are no more in this world to take care of them.
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Thu Nov 01, 2012 7:54 am |
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