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unknown | Help me pleeeeeeeeeeeeeeeeeeeeeez... |
Coco is a 25-year-old single mother with a 3-year-old daughter named Jasmine. Coco earns about $25,000 a year as a teacher's assistant while she is working on her Bachelor's degree. She would like to purchase life insurance to protect her family. What type of insurance would you recommend she purchase? Give at least two reasons for your recommendation.
THANK YOU |
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Doing the Right Thing
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I recommend a 30 or 35 year term insurance. Term insurance lets you decide where you want to save your money, while other types of life policies such as whole life or universal life doesn't. Premiums are very low too, so you can afford the right amount of coverage needed.
While she has term insurance, I recommend she also invest into mutual funds (a mixture of large growth and large blend funds). She should open an IRA first and then invest into a mutual funds so that her investments grow tax-deferred.
I have a 30 year term and I invest $100/month into my Roth IRA. My portfolio has an average rate of return of 14%. In 20 years, I can potentially have $132k. In 30 years, $556k.
Lets say the average over 30 years is only 10%. In 30 years, my IRA may worth only $228k.
But truthfully, I don't know how the stock market will perform in the next 30 years. In 30 years, I may or may not need life insurance. If I do, I can renew it, but premiums will be higher and stay level for 5 years and then go up again. I can exchange it for another term policy such as a 10 year term. I can lower my coverage. Right now, I'm not worried about my options in 30 years. I'm only concern with building enough retirement savings that I can comfortably live on. |
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The_Smak_Daddy_SMACK!!
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Term life insurance because it is cheaper for her situation and it is the easiest to buy. She should definetly go with Term...any insurance agent would agree! |
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mbrcatz
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Term insurance, 20 year renewable & convertable.
1. Term is pure insurance, you get the most bang for your buck - the highest coverage for the lowest premium.
2. 20 years will see this kid to adulthood, so likely there won't be as much need for it 20 years from now. |
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Nebraska debtbuster
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Bottom line? Find a Primerica Rep. and then do what they suggest. dont go buy any trash value crap that is a rip off. or renewable term . |
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insuranceguytx
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I really need more details than you have provided. For instance, is Jasmine a 'special needs' child? How is Coco's health? What are Coco's goals?
Go meet with a licensed insurance agent in your area and discuss these issues before determining the type and amount of coverage that will suit Coco and Jasmine the best.
Good Luck.
. |
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JERRY40
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You might want to look into a guranteed renewable term policy with a MAJOR insurance company. Beware of the smaller ones.......globe life....for example. I used to sell it years back and they want to sell high premium, low benefit whole life plans. At your age i'm guessing you could get $100,000 policy with a $25,000 rider policy of term life insurance for about $15.00 a month. Research and compare online and get some girl.. You never know. Term is usually much cheaper than other policies usually because their are no living benefits which allows you to get more coverage for your dollar compared to other policies. But with the baby boomers dying now, premiums are rising and insurance companies are becoming more strict on who they will insure. Remember they are betting you will live for your monthly premium. guarenteed renewable policies are good cause you don't have to medically requalify. good luck! |
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