Can someone my age get life insurance? How?

I am a nineteen year old college student, and I would like to purchase some life insurance just in case I get in a car accident or something. It doesn't have to be a lot of coverage, just enough to pay for my funeral/getting rid of my stuff.

However, I don't know anything about life insurance, and I'm not sure that companies would take someone so young. Also, I don't know if they will insure me, because I have a somewhat dodgy psychological history... and I don't know if it's in my medical records or not but I was almost committed to a mental hospital in 2005.

So, would I be able to get life insurance? How would I go about it?

You age has nothing to do with buying life insurance. Normally you would quallify. But for someone with psychological problems, a life insurance company would be more likely to write a whole life, or limited pay life, than a term policy.

A whole life is payable to age 95 or 100, depending on the policy, and a limited pay policy is payable for 10, 15, or 20 years, and then it is paid up for life.

This is due to the fact that the company will be getting more premiums for the pemanent policy, so consequently the risk to the insurance company would be less than it would be for term insurance.

Start with your car insurance agent. If he/she can't help you, they can point you in the right direction.

A few years ago, I wrote a $25,000 whole life policy on a young man, age 22, who had two years prior tried to commit suicide by drinking antifreeze. The company rated the policy at table D, but it was issued and placed. He was happy to get the policy. I wrote it through Monumental Life Insurance Co. The company would not have issued a term policy for this risk.

Since then, the young man got his life straightened out and is doing well. He's glad he lived through his ordeal.

My recommendation for any young adult is to buy as much life insurance as you can while you are young. The longer you wait, the more it will cost. Also, when buying it at a young age insures the persons insurability. In other words, life circumstances change as time moves on; marriage, children, mortgage, etc. Also, health situations may change, and the person may not be able to qualify at a later time.

So, buy purchasing as much insurance as one can while at a young age, it takes care of a lot of those unknown future circumstances. Isn't that what life insurance, or any insurance is for anyway; to protect against the unknown?

I don't know why "insurancepickle.com" would tell you not to buy from a car insurance company. Property/casualty companies are not combine with life insurance companies. They are completely different companies under one corporation, and the agent represents both. Besides, I don't know where he got his info that State Farm wouldn't write the policy.

"Jeannine C" says she has studied insurance for years, but there's a lot of difference between studying for years, and selling it for years.

Best wishes, and may God bless you.

my boyfriend got life insurance when he was 19, but he was also buying a house at the time. he went to his local state farm office. call your local insurance companies and ask them!

Again with State Farm Folks, they're great for car and home insurance, but DO NOT buy life insurance from any of the "car insurance" companies.

Besides State Farm would not insure you -- my guess from what you typed.

Yes, your age has nothing to do with it, but your mental health history would not make it an inexpensive endeavor. So, if you go to a site (like mine) and get quotes they won't be of much help because you won't qualify for those rates.

You need to work with an insurance broker so you can disclose your medications and they can shop different insurance companies for you.

Bottom line, yes you can buy it but it'll be more than a 19 year old who has no mental health history.

Jeff

You apply. See Yahoo Finance (click on "Personal Finance") for info on types of life insurance.

I disagree with the State Farm answer above. I work for State Farm (does not make me biased.) I have had my life insurance through SF for almost 10 years. The best option for you right now would be a 5yr policy that would just cover your expenses. There's not a physical exam for the 5yr term and it's not as rigorous with your health condition. I would call there.

Life insurance companies sell life insurance for new born babies so they will definitely sell insurance to a 19 year old.

As far as your psychological background, you won't know until you apply. If you find the right independent agent, who knows the different underwriting requirements of many different companies they may be able to tell you what company to apply with.

Sure you can, but what is the life insurance supposed to DO?? How hard is it to get rid of your stuff? Your debt is NOT inheritable, and you really don't have a need.

Yes, you'll have a hard time, based on that medical history. But it's not impossible. You probably CAN get it. Just do a local search for life insurance agent. But you might not want to pay the premiums.

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