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Started By
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Anyone want to inform me about life insurance?
Posted on 12/31/14 at 9:01 am
Posted on 12/31/14 at 9:01 am
I'm 31 with no wife and kids. Is this something I should be thinking about?
8
Posted on 12/31/14 at 9:04 am to I Love Bama
quote:
I'm 31 with no wife and kids. Is this something I should be thinking about?
Interesting considering you have no wife and kids. A guy at my work just picked up a policy and all he has and will have is a wife. It was a smaller policy but enough to give his wife a cushion if something was to happen.
Do you have any nieces or nephews that you could leave something to? Charities? Other family members?
I will be interested to see the responses to this thread.
ETA: To give my answer, I would say no. It is not something you need to worry about now. However, at your age, you could get a term policy for the future pretty cheap.
This post was edited on 12/31/14 at 9:06 am
Posted on 12/31/14 at 9:05 am to I Love Bama
My advisor says no. Max out your short term and long term disability until you get a family. You are more likely to get hurt than die.
Posted on 12/31/14 at 9:06 am to I Love Bama
Do you have a chronic disease that would make it difficult or very expensive for you to get life insurance later if/when you get married and have children?
Posted on 12/31/14 at 10:25 am to I Love Bama
1) I'd worry about disability insurance first. Go get that if you don't.
2) You may be healthy now, but who knows what happens down the road? If you are healthy and 31, you can get probably a half-mil of 20 or 30 year level term pretty cheap. Get something that has the option to convert to whole coverage down the road. No way I would exercise the option now, but the option again should not be expensive at your age.
3) Call your auto insurance company.
When I was in my early 20s, my auto insurer at the time (State Farm), I had to go visit the agent to change something on the auto policy. While I was there, she did some stuff and told me that I could get a 50K term life insurance policy, level premium for 30 years, for $15 a month. And if I did that, I would qualify for some sort of multi-policy discount on the auto coverage. The discount was $20/month. So basically I could get the 50K of life insurance AND the auto insurance and it would be $5/month cheaper than I was paying. I signed up with the quickness.
2) You may be healthy now, but who knows what happens down the road? If you are healthy and 31, you can get probably a half-mil of 20 or 30 year level term pretty cheap. Get something that has the option to convert to whole coverage down the road. No way I would exercise the option now, but the option again should not be expensive at your age.
3) Call your auto insurance company.
When I was in my early 20s, my auto insurer at the time (State Farm), I had to go visit the agent to change something on the auto policy. While I was there, she did some stuff and told me that I could get a 50K term life insurance policy, level premium for 30 years, for $15 a month. And if I did that, I would qualify for some sort of multi-policy discount on the auto coverage. The discount was $20/month. So basically I could get the 50K of life insurance AND the auto insurance and it would be $5/month cheaper than I was paying. I signed up with the quickness.
Posted on 12/31/14 at 11:06 am to I Love Bama
Go ahead and get a term policy now- while you are young and healthy.
Worse case, you die and leave a little something for a brother, sister, or parents or to some charity.
Worse case, you die and leave a little something for a brother, sister, or parents or to some charity.
Posted on 12/31/14 at 2:19 pm to I Love Bama
Don't you have a bunch of real estate interests? Are they all paid off? Might pick up a term policy to pay those off at death and make it easier for your heirs.
Posted on 12/31/14 at 7:02 pm to I Love Bama
I have a 20 yr term based on the fact that both my kids will be over 20 when the policy ends. Really, that's my main concern is being able to help my wife take care of the kids if I pass. If I didn't have kids, I would probably stick to the basic 2x salary coverage my work gives me.
I say build your wealth otherwise, and if you happen to get married and conceive a child, look into a 20 year term at that point at 10x your salary. Term coverage is pretty cheap.
Stay away from whole life.
I say build your wealth otherwise, and if you happen to get married and conceive a child, look into a 20 year term at that point at 10x your salary. Term coverage is pretty cheap.
Stay away from whole life.
Posted on 12/31/14 at 7:12 pm to I Love Bama
quote:
I'm 31 with no wife and kids. Is this something I should be thinking about?
uh, no.
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