Question:

I'm 23... would life insurance be a good idea for me?

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I don't really know anything about it or how it works. I'd like to plan ahead though so that my future kids are well taken care of if something happens to me. (I'm in good health.)

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  1. It depends.  If you have kids, then yes absolutely get some term life insurance.  If you do not have kids then it depends on wether you are married or not.  If married, then talk to your spouse about it.  If you have enough savings to cover funeral expenses then maybe not.  If you are single and no kids, I would say you would be better off investing the money.


  2. At this point in your life (not married, no kids) you do not need anything more than enough to cover funeral expenses (avg funeral is approx. $10K).  If you have a house, you may want to consider having enough to pay your mortgage off.

    If you decide to do this, I highly recommend Term insurance.  You can purchase this for a term of 30 years.  It is much cheaper than whole life.  If you do this, take the money you save by going with Term of Whole Life and invest it.  This will benefit you in the long run...Especially if you live the entire tem of you policy, you could become self insured and not need insurance at all...I would invest in mutual funds.

  3. Absolutely!!! I got it through my work when I was about 23. You never know what's going to happen, so you might as well  play it safe.

  4. I want to put up my own life insurance company.

    3% annual interest rate compounded

    Upon accidental or natural death the payout is the full amount of coverage to the beneficiaries. But of course the cost of insurance depends upon your health and your locale.

    I'm thinking of doing this legit scheme to be able to use other  people's money to make my millions. Some smarts in me telling me not to holdup people on street corners.

  5. Sounds like the Dave Ramseys here don't think you need any insurance.  Typical.  It makes absolutely no sense for you not to have a cheap $50,000 term policy that will cost you $10 a month to make sure that if something happens to you, your loved ones don't have to pick up the tab.  It is not a financial question so much as an ethical question.  Once you get married, then as a family you can decide whats right for you, but for now you definitely need a burial policy.

  6. Only if you know something about it. But I think we've discussed this before.

    Keep up the good work!

  7. If I were you I'd get a small amount and have your parents as the beneficiaries.  This way if something happens to you, they can pay off any of your debts and for funeral costs.  It never hurts to be prepared.

    Once your married and start having kids, you can change it!

  8. you are a life insurance salesman's dream -- pre-sold sucker.

    ***

    who will you be protecting with this policy?

    future child when you're not yet married?

    that's silly.

    wait until you have someone to protect.  or at least until you're pregnant.

    then buy a guaranteed renewable annual term policy.  buy more or make it bigger if you have another child.

    after they're old enough to make it on your own, you can ten drop the policy and save the money for your retirement.

    GL

  9. If you have no dependents right now you should not buy any life insurance. If this is a concern of yours in the future, take the money you would pay for life insurance now and put it into a high yielding bank or money market account. Then when you need to buy it, you'll have more money to pay for it.

  10. yea i think everyone should have life insurance no matter what their age is, you never know what might happen

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