What is the best life insurance for a young person 22-35?

Question

I want to be able to use it against my mortgage. Is it possible to get money from it and not have to pay it back after a while or something? And will that change my policy in anyway?

Answer 1

yeah but it takes time, maybe more than you're willing to wait

-it will deplete your policy over time

--it will reduce your policy right away

if you get a permanent policy with a cash value that can grow similar to an investment you would be able to use that later.

it takes a long time for it to become substantial enough to use. then once it does youmay not want to deplete your policy for 2 reasons:

1-by the time the cash value is an amount worth spending, you will be a lot older and insurance protection would be much more expensive for you to get new or again

2-the compounding effect. Once you've accumulated a good amount of money, you would be cutting your legs out from under your investment to deplete it prematurely. for example, you earn 5%/year. in year 2 you have $250. earning 5% ($12.50) but in year 20 you have $22,000 earning 5% ($1100.00) imagine what 5% would be paying when you're ready to retire.

plus you would get preferential tax treatment on the money you used form a policy (as opposed to most retirement accounts that would be 100% taxable at retirement)

Answer 2

Are you trying to establish a life insurance policy that you can pull money out of for a down payment on your mortgage?

Forgive me if I am wrong, just what the question appears to mean.

Buy Term and Invest the Difference. You can take money out of your investment at anytime and it would not be connected with your life insurance and the interest is better than a savings account. Some types grow really really fast.

I can also help you with your specific mortgage question.

Answer 3

I recently posted an article on my blog attempting to answer the question of age and life insurance.  

http://gardenstatelifeinsurance.blogspot...

I hope it helps to answer your question.

Answer 4

learn to understand some basic knowledge of your confused field before accepting any suggestion is a great idea.Here is great place to get start.http://insurance.online-frees.info/insur...

Answer 5

Feel free to use the tool on my site...no secrets and you don't have to e-mail me....nor do you have to put in any personal information other than a date of birth.

http://insurancepickle.com/life-insuranc...

Also, if you're wondering if you can borrow against the face value the answer is you can't.  If later is 15 years down the road you might have what you spent in the policy.  A very popular policy is a return of premium term policy (if you're GOOD at math and realize a 6-7% tax free rate of return is good -- and that's a stab at someone who uses outlandish returns and doesn't like these policies).  Anyway you'd pay a set (albeit low) premium for 20 or 30 years and then you get all your money back if you didn't die.  You also get a portion back if you cancel over the time frame, you can also borrow on that portion AND finally in lieu of getting your money back you can take a paid up policy (one that you no longer pay for) that'll be about 2-3 times the cash value.  So, if you were getting $40,000 after 30 years you may be able to opt for a $100,000 policy that you could keep forever (or later cancel for it's cash value)

Answer 6

Here is information on life insurance.  If you click on the link inside the article, you can get estimates on home, health, medical, motorcycle and other insurance.  My husband and I got really good rates.  We added our zip code into the the link and they gave us quotes from people in our area.

http://insuranceinformation2248.blogspot...

Answer 7

the best life insurancy policy is one that I knowabout but whenever I share it I get reported for soliciting. Its tax free, no ceiling and a 1% floor. The best thing about is you dont have to die to receive it.e-mail me for details