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youthonamissionforch... | I'm planning on getting Life Insurance through State Farm. I'm 18. Is this plan good? |
Me being 18, they told me its the best time to get it because it's the cheapest I'll be able to. They quoted a 25,000 dollar plan at $22 a month, which will NEVER go up, even if I'm 84. Unless of course I upgrade to a 50,000 dollar plan. I have car insurance already with them, and it would make my car insurance go down by 4 bucks a month. Is all this good? |
 |
 
Insurance Made Easy.biz
|
You have a lot of negative comments here from people who do not know who you are or what the financial situation of your family is.
In part of my business I sell voluntary benefits through payroll deduction. I work with low income individuals in Washington DC making $10.00 per hour. These people routinely sign up for a life policy just like the one you are talking about. Many of these people have had to deal with the uninsured death of a loved one and could not afford to properly bury their own mother or brother. Most of them will never have investments that will bring them financial security. this is the one thing they can do to make sure they leave a little something behind for final expenses.
If you fall into this category get the $25,000 policy.
If you have health insurance and your parents could easily pay for you funeral and any other final expenses you may create then you can skip the life insurance.
I ask about health insurance because I have seen a 21 year old die after many weeks in intensive care from a car accident. He did not have health or life insurance. His parents were stuck with a huge medical bill and funeral expenses. If you don't have health insurance would your parents just pull the plug to save money or would they accept responsibility for the medical cost.
Your agent will get paid about $132 for selling you the policy. and you will lose $216 per year or $4.50 per week. $4.50 won't even buy you lunch.
You could also ask your agent for a term quote for $18 per month. But either way it would not be a waste of money. |
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kamnet
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It's not unreasonable, but consider this:
1) Do you have loved ones who depend on you financially? If yes, then this is a good policy to pick up now.
2) Do you have $25,000 of debt that needs to be covered in the event of your untimely death, other than funeral expenses? If not, then you can simply squirrel away money into a savings account to cover this, and later convert it over to a pre-planned funeral arrangement.
3) Do you expect that you will die within the next 10 years? If yes, then this coverage could be useful. If not, then more than likely within the next 10 years you can obtain a job with affordable rates and similar or better coverage. |
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Insurance guy of Indiana
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State Farm is a captive insurance company which means their agents can only quote their rates.
You will usually do better by talking to an independent insurance agent who can quote MANY companies.
I would shop it. You may get twice the coverage for the same payment. |
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aaron p
 |
Wow, I was talking with a former State Farm agent yesterday who told me this is how they sell life policies.
If you want to save $4 on your property insurance, shop other places. If you need $25000 of permanent life insurance, you could get it for less than your $18 net cost.
Furthermore, once you have dependents, $25000 is a negligible amount anyway. I would hold my head in shame if I walked away from your widow's house after delivering a $25000 check. If you were buying life insurance now to lock in your rate, you should consider buying an amount you might actually need.
I still hear old dogs try to make a sell this way and it infuriates me because while it is cheaper now, the time value of money tends to be higher (the dollars you pay now are worth more in the future). This method of selling life insurance depends on poor financial planning, ignorance, or both. |
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Doctor Deth
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whole life insurance is a ripoff - 65 yrs from now $25,000 won't even be enough to bury you. you can get 20 yr level term policy with probably 250,000-500,000 coverage for the same $20/month (and payments stay the same for 20 yrs) - once you get a full time job, you can also get more term insurance - at 18 and single - you really don;t even need life insurance at all |
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Dan
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I really only have two observations here. First of all you should NEVER shop strictly by the premium. Research the claims dept of each company, find out their financial rating (credit rating), and then decide what it is you need. I don't have my materials with me, so I can't quote you any sort of opinion as to whether that rate is within any of my companies. But that leads me into a second observation anyway. Which is that you should contact a licensed insurance somewhere in the area where you live and have them observe you (I am required under Florida law to physically interview anyone for whom I write insurance. Most companies will insist on it, too). |
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gabrielljrtru
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Yes in one way getting insurance at this age is cheap
it depends also what plan you get.
Read everything double read read
When I was 18 my husband purchase life insurance for both
We were told that with 200$ a month I would cover him up to a million dollars and me $250,000 less at risk since I am a stay at home mom. He also told us It was a like a saving plan
at age 50 we could take out money and still have the same coverage. This company is Allstate. Well we receive our first statement after a year paying 200$ monthly $2400 only $1300 was kept in the plan everything else when as cost of insurance - child rider- additional insured.
In one way if my husband died they would give us less than the 1 million - because cost of insurance -additional insured - child rider and so many fees.
Before you sign anything ask all this question how muck are fees and all hidden fees. |
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mbrcatz
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What's the POINT of the insurance? What financial GOAL is it meeting for you?
Let's do some basic math here. You're 18. If you pay $22 a month to State Farm, and die at 78, they'll pay you $25,000.
Using a basic calculator, if you pay YOURSELF $22 a month, and put it in a mutual fund, if you are still alive at 78, you'll have $1,053,552.
Notice a difference in those two numbers? That's the PROFIT that State Farm is making, by selling you a whole life policy at the age of 18. You're making them a million dollars. They give you $25,000.
You're being sold. If you NEED life insurance now - like if you're married and have kids that depend on you - this is not the plan for you, as it isn't enough COVERAGE.
Oh, and btw, if you bought a 20 year term policy, right now, for $250,000, it would cost you about $115 A YEAR. 10X the coverage, less than half the price. |
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netilian
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I have state farm car insurance and pleased so far with them. I had accident in the past and they paid everything around $3500 damage on my new 2007 civic. All damaged parts were replaced with brand new from the dealer and they paid the whole amount. Life Insurance could be also good. I would say go for it and always can cancel and switch later if you decide to go with other company.
Good Luck. |
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scottsmylie
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ITs a waste of money for that amount of coverage. If you get a good job you will get at least that much for free. If you have kids or something then it may be a good idea. However, you will need much more coverage than that. |
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2kidsnk9
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you're 18 years old
why are you getting a life insurance policy?
save your money and invest it.
by the time you're ready to use this $$ how do you know that the company will still be around? or, what will that 25k buy you in the future vs. what the $22 a month saved even w/ 1% int buy you today.
life insurance is for people w/ families - don't waist your $$ |
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