Question : life insurance?
I would like to get life insurance, I am single, going to be 23 years old, I dont need anything major but i would like enough to pay off all of my bills and student loans, if something should happen. What would you recommend getting. I have done a google search but that just overwhelmed me with all the different places. Any suggested would be useful. Thank You.I guess i should of mentioned that I will have one dependent. I have no cosigners though.I live in iowa
- asked by bowlinggirl84
All Answers:
Answer #1
Life Insurance is important to have in my opinion.I have two different policies so that if somethinghappens to me, my husband and children are takencare of. You might check with your car insurancecompany, they sometimes offer life insurance aswell .This is what I did.
- answered by okkiegal
Answer #2
Buy a term life policy with 20 year or longerfixed premiums.Buy from a company that has an A orbetter rating from AM Best or other insurancerating firms. If the company is not licensed tosell in New York state, you might want to look foranother company. NY has the toughest insurancecompany licensing laws in the country.Other thanthat shop for the lowest price.
- answered by jbowler
Answer #3
Being that you are single, it is even moreimportant that you have a good long-termdisability policy. Most life insurance agentssell disability insurance also. Here is adirectory -
http://www.insuremylife.org
- answered by Rich
Answer #4
Get some good referrals for a good Agent in yourarea. I recommend going to a life insurance Agentand not to a property Casualty Agent. Not that aAuto Agent can't help you but some of them arecaptive and can only sell you their companies lifepolicy. There is no correct answer as to theamount or from which company. Everyone hasdifferent financial needs and the Agent should beable to explain the details of a policy.Ask lotsof questions, How big is the Company? What is it'sAM Best rating? How much is the policy fee? Whatare the band breaks for a cheaper cost perthousand? What is permanent insurance? If I getsick can I convert the term to permanent insurancewith no health questions? What is waiver ofpremium and why should I consider it? What isLiving Benefits rider and does it cost extra? Askthe agent how long they have been in business? Dothey work for a particular company? What is theirspecialty? Will they quote you at least threedifferent companies? What is entailed for the examthat you will have to do? How long does it alltake to get a policy in force?At your age terminsurance is probably the smartest move.Good luck.
- answered by Joe
Answer #5
Call Conseco (unless you are in Ohio then call me) *L*If you want life insurance at your age Termlife is the best.. but I have one phrase foryou..Return of Premium!!It is just a hair moreexpensive then regular life insurance, but at theend of your term you get all the money you paidinto it back (providing that you are still aliveof course *L*)You get the insurance you needwithout the worry of throwing your money away..and a really cool thing is after your term is upyour expenses will usually decrease so you can useall the premiums that you paid and put them intoan annuity with a death benifit or a paid up wholelife policy. That could cover all your lifeinsurance needs permantly (unless of course youwould like more then that option is alwaysavailable as well)I hope this helps, I know thatinsurance is very intimidating unless you knowabout it..**blessings**
- answered by ladypaige357
Answer #6
The following site will give you a free side byside comparison quote of the best companies. Itis free and easy and then you can make an informeddecision
- answered by pokerplayer528
Answer #7
Your insurance needs - life and disability willlikely change over your entire life. Whatever youdecide, be sure to review your whole financialsituation at least every 2-3 years and after majorevents like marriage, children, buying a house,switching jobs/careers.Start with term insurance(get the kind that converts to a permanent policywithout new medical underwriting) and getdisability insurance.Try calling one or more localagents who can listen to your particularsituation.Good Luck.
- answered by insuranceguytx
Answer #8
Do you have co-signers for your debt? If you aresingle with no dependents and no cosigners, yourdebt would be discharged upon death.You probablydon't need life insurance.
- answered by LifeInsuranceAgent
Answer #9
If you should kick off, your bills and studentloans aren't your problem! Or your MOM's! Theyaren't inheritable!! The loan and credit cardcompanies EAT the balance. So you don't have aNEED for life insurance.
- answered by mbrcatz17
Answer #10
Most of the answers given to you were pretty muchon target, though don't sell your local auto agentshort ...though he may not be as well versed inlife as he or she is on the property/casualty sideof the business, they often form much betterrelationships than the average Life agent, who isforever being ridden by his or her boss to go outand right more premium. Relationship with theperson doing this important work for you cannot beunderestimated. By the same token, good lifeinsurance agents will also value your business andstay on top of things for you, and often they areamong the best of any in actually helping peoplein actual financial planning, including allaspects of it, life, health, disability,retirement, college education planning, etc. Iwould take issue with those who feel that becauseyou're young, just get term, or because you'resingle do not bother... Nothing could be more ( ifyou will excuse my attempt at trying to be"hip-hop" ) WHACK! Check out all the bestpolicies out there in terms of rate and coverageamounts...but check out variable life, universallife and whole life policies as well. If youdon't have a lot of debts now, the premiums maynot kill, and you may be able to be done withpaying premiums by the time you are my age whichis 45. In my experience I purchase the routine$100,000 term when I was young but I also chippedin an extra $100 month for a $100, 000 variablepolicy...Today that policy death benefit is almost$385,000 and the cash value is over $56,000 (Itook some loans here and there after my divorce). My term policy is due to expire next year, and therates will nearly triple. In my case I havechildren, and other policies i have purchased overthe years so I will either dump the policy, renewwith another company at alower rate or maybe evenconvert the policy to a whole life while I amstill healthy.Being young doesn't have to meanbeing care free...taking care of issues wisely andwith some foresight will not only keep you out offinancial difficulties, but there is no questionthat a single individual who his or her financialmatters well in hand are a lot more attractivethan those who are not...who knows, you may not besingle in ten years, you might be married...whichbrings us to the topic of asset protection...butthat is for another day.
- answered by ecomliquidators@sbcglobal.net
Answer #11
When buying life insurance, you want a policywhich fits your needs without it costing too much.First, you should decide on how much you willreally need, how much you can afford to pay, andthe type of policy you want. Second, find out whatvarious companies charge for that specific kind ofpolicy. One way in deciding on how much life youwill need is to figure out how much cash andincome your dependents will need if you were todie in the near future. Think of life insurance asa source of cash needed for final exprenses,paying off taxes, mortgages and/or other debts.Life insurance can also provide income for yourfamily's living expenses, educational costs, andother future expenses. Your insurance policyamount should come as close to making up thedifference between 1) what your dependents wouldneed if you were to die now, and 2) what theywould actually need.There are three basic andcurrent life insurance policies: term insurance,whole insurance, and endowment insurance. Thefollowing is an outline in which the importantfeatures are noted.TERM INSURANCECoverageprotection: for a "term" of one or more years,usually 30 years being the maximum Death benefits:paid only if the policy owner were to die withinthat term of yearsRenewable: some are renewablefor more additional terms even if the olicyowners' health has changedConvertible: before theend of the conversion period, the policy owner maytrade the term policy for a whole life orendowment policy even if he/she is not in goodhealth.WHOLE LIFE INSURANCECoverage protection:death protection for as long as the policy ownerlivesCash values: a benefit the owner does notlose when he/she stops paying the premiumsLoan:the cash value may also be used as collateral fora loanENDOWMENT INSURANCEIncome benefit: pays asum or income to the policyholder if he/she livesto a certain ageDeath benefit: if the policyholder were to die before that certain age, thedeath benefit would be paid to the designatedbeneficary or beneficiariesIn summary, do not buylife insurance unless you plan to remain faithfulto it. A policy can be a smart buy when hels for20 to 30 years, but it can be very expensive ifyou decide to quit during the early years of thepolicy. When you finally receive your new policy,be sure to thoroughly read through it and inquirewith the agent on anything that you do notunderstand. It is also important to review yourlife insurance policy every few years or so tokeep up with income changes and liferesponsibilities.
- answered by Mikki C
Answer #12
I've used this site to research insurance. You canget quotes here too.
http://insurance.divinfo.com/But, it sounds likeyou've done a lot already on the internet, so notsure if this is helpful!
- answered by Reenie
Answer #13
There is numerous kinds of life insurance outthere. Problem is: Life agents don't care aboutyou, only about how much money they can make. Ifyou can't afford it, they will ignore you. If youdo have money, they will sell you the mostexpensive product there is, whether online or byperson.If you want to read about the differentkinds of life insurance out there, this blog sumsit all up:
http://obe231.blogspot.comWhen choosinga life insurance company, you should check itsfinancial strength and ratings from AM Best. AMBest rates all insurance and financial companies.After choosing a company, you need to see whatother benefits that the life policy can offer. Forexample, does it let you use 40% of the faceamount in case you become disabled? Do not befooled by the life agent when he/she says thatcash value is good way to build for retirement orthat your policy will be paid up. Life insuranceis never paid up. Some way or another, you arepaying it (either from your own pocket or from thecash value).I personally own a 30 year term withPrimerica Life, which is own by PrimericaFinancial Services, and have $150,000 coverage onit. I bought it when I was 24 years old and payabout $300/year for it. AM Best rates Primericawith an "A+ (superior)", which is the secondhighest rating (with A++ being the highest).I alsohave a Roth IRA with Primerica and I put in$100/month into it. So, on average, I'm payingabout $125/month to rent wealth while buildingwealth. Thats what life insurance is. All you dois renting wealth in case you die and your familywill have something to use. In 30 years, hopefullyno one is dependent on you and you don't have muchdebt left. So, you better have lots of money whenyou retire.
- answered by Truth is best option to trust
Answer #14
Hi,You are still young, so usually I would say youdon't need life insurance(yet), but if you have adependent who could need financial assistance formany years, you should get as much term life (noinvestment/surrender value = cheaper) as you canafford, as cover will only get more expensive asyou get older (maybe sicker) and the sum insuredwill shrink in real terms over the years. Itmay seem expensive now, but relatively speakingthis too will diminish. Actually cost of coverhas been dropping in recent year, compared to whenI first took out cover. There are loads of sitesthat will give you comparisons on-line or offline- the one I used is listed as a source, but thereare many others. Their advantage is that on-linebrokers will often cut back commissions to thebone, so can provide real savings. You don't needanything too complicated, so why pay big brokercommissions? I took out a "saving" mortgage lifeinsurance policy years ago and it was the biggestwaste of money, never had a hope of achieving itsprojected growth. Now I just have straight terminsurance and I'm happy with that.PS I believeLife insurance is also an excellent way to leavemoney to your heirs from a tax planning point of |
measure and fulfill your financial needs