Comments on: Should You Buy Life Insurance at an Early Age?

By: Now Retired

Now Retired — Mon, 28 Dec 2009 14:46:40 +0000

While term life insurance covers families in their early years, a need still exist to own a “nominal” whole life policy bought during the early years at a much lower premium than waiting to purchase this whole life policy at an older age. Once term life policy expires, too often, folks delay purchase of replacement insurance resulting in lack of coverage or find now older they are unable to afford similar term life insurance.

The older one is, the more costly your insurance will be so cover yourself early in life while rates are less costly.

By: Golfing Girl

Golfing Girl — Tue, 10 Nov 2009 14:10:52 +0000

As soon as our daughter was born, we got supplemental TERM life insurance. That is in addition to the cheap option our employer offers (6x salary for $13/mo.). However, please don’t be misled into buying WHOLE life insurance–it’s a complete scam and your money is better invested elsewhere.
When baby #2 arrives around year end, we will not be changing/adding insurance. We locked in decent rates on a 30-year term policy for more than enough coverage when we were 27/29 so there is no need. We pay $74/mo. for husband’s $500K and my $200K plus we’ve got our employer coverage that’s around $26/mo. for another $700K combined. So for around $100/mo. we’ve got $1.4 Million for the 2 kids (or $500K for me and $900K for my husband if only one of us were to go). More than enough to pay off house and college for kids and have a giant safety net if we become single parents.

By: Festival Of Frugality #203 – American Flag Edition : Domestic Cents

Festival Of Frugality #203 – American Flag Edition : Domestic Cents — Tue, 10 Nov 2009 12:09:49 +0000

[...] from Good Financial Cents posted Should You Buy Life Insurance At An Early Age? He says this is the most important question: Are you supporting individuals whose livelihood [...]

By: Carnival of Money Stories – My Money Flaws Edition

Carnival of Money Stories – My Money Flaws Edition — Mon, 09 Nov 2009 09:03:13 +0000

[...] Rose presents Should You Buy Life Insurance at an Early Age? posted at Jeff [...]

By: To Kill a Mockingbird

To Kill a Mockingbird — Mon, 09 Nov 2009 02:48:15 +0000

[...] Life Insurance…why do young people think they shouldn’t bother? Jeff Rose of Good Financial Cents shares some great common sense observations in this post, “Should You Buy Life Insurance at an Early Age?” [...]

By: The Financial Blogger » Blog Archive » Financial Ramblings

The Financial Blogger » Blog Archive » Financial Ramblings — Sun, 08 Nov 2009 20:32:45 +0000

[...] should think about life insurance at a young age according to Good Financial Cents… and [...]

By: Sam

Sam — Fri, 06 Nov 2009 17:04:25 +0000

Wayne – good piont. I got a policy back in college & it’s been nice knowing between jobs that if anything happens to me my kid will be OK & my family won’t have to scramble for money to bury me.

Craig – While I can understand where your coming from…. even a little five grand policy would help out your parents or whoever would be held resposible for settling your affairs.
I joke you not, this last summer I know two people who were youg & healthy come to their end.
One had a undiagnosed health issue (enlarged heart). Healthy single guy – ate organic, rode his bicycle to work, etc. Went to bed & never woke up.
What bailed his family out was his ex-wife forgot to drop him from her employer life insurance.

The other was involved in a water related accident during a family outing. He had no insurance of any kind. His family(brother & parents) had to scramble (i.e. skip mortgage pymts)to get the money just to cremate him.
Yes, you can chide both the family & the deceased for no emergency fund, etc however, how many people expect to bury a 28 year old? There have been three fundraisers so far for money to bury him, cover end of life expenses & resolve his bills (which were thankfully few). The financial stress on the family has been significant.

For the sake of those who’ll be responsible of taking care of you, you might want to look into a small policy to cover the basics.

By: Tim Landry

Tim Landry — Fri, 06 Nov 2009 15:31:46 +0000

The numbers I am about to quote are Canadian – and I do not know how American rates would compare – but $1,000,000 of Ten Year Renewable Term insurance for an “averagely healthy” 30 year old non-smoking male would cost $50/mth. A “very healthy” non-smoking male age 30 would pay $36/mth. Since health changes are NEVER expected – I would love to know how many heart attack or cancer or diabetes victims KNEW the week before their diagnosis that they had something – it is ALWAYS a good idea to get something in place. If those prices are too high – look at $500K – or $250K

By: Financial Samurai

Financial Samurai — Fri, 06 Nov 2009 03:45:31 +0000

Tough to say. Life insurance companies exist b/c they make money off you. if you have nobody to support, forget it.

Once you accumulate assets, with liabilities, sure!
Financial Samurai´s last blog ..I Saw My “FlashForward” And It Was Beautiful

By: Jorge Herrera

Jorge Herrera — Thu, 05 Nov 2009 22:16:09 +0000

Hey Craig, There is something you can do to build a solid platform you can use in life. Read “Become your Own Banker” by Nelson Nash, and work to set up your own personal banking system. If you get hung on the insurance part of the concept, you did not understand.
You can get back to me and we can discuss on it.