mark
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No,
I personally don't believe in whole life policies. So, that leaves term life. Somebody else gets the money after you die. If you are not supporting anybody, why waste your money?
The premium for a healthy 27 year old is not significantly different than the premium of a healthy 35 year old, so "locking in a good rate" doesn't make sense. Most term policies are usually only 15 years anyway so you would be renewing again at 42 anyway. As somebody else said, bump your 401k contribution and you will be better off.
If you feel the need to cover your funeral costs, go buy a cheap 15k policy. |
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Xavier61
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No you don't need it and when you do get married and have kids you only want Term Insurance which gives your family the most money for the least amount of premium. Don't let an Insurance Agent tell you otherwise. |
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Peter V
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no, you dont need it now... I am 25 and dont have it.. I set up my 401K instead... 10% of my salary is going to that instead of to life insurance.
It only makes sense if you are married, or have a child or 2... but for people like you and me.. dont bother. See if they can refund your money and break out of your plan... a premium is the amount you pay, and who knows, it might even be a rip off, if its a bad company/bad rate etc.... so bail out of it, you can always start a life insurance plan when you get married/have children later on. use that money for retirement savings instead, because who knows if Social Security will be around when people our age retire! |
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Gef J
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Life insurance is to leave loved ones money. If that is important to you do it early. When you are younger you can get a better rate. If you never have kids or get married it is pointless |
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LifeInsuranceAgent
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If no one depends on your income/assets for support, you really do not have a need for life insurance.
Yes, you have locked in your current age premium, but consider this: if you plan on having a family in the future, get a rough idea of the age you would be when you do this and take a look at quotes based on that age to see what kind of savings you are getting...but also keep in mind how much you paid during those years for something not needed.
The only caveat to this is that you never know what your future will be healthwise and whether you will qualify for coverage in the future. |
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BAL
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Life insurance seems llike a no win for a single person.
But it can pay your funeral expenses and medical bills if you die.
Also, if you end up with an illness that makes you uninsurable, getting insurance while you were healthy will look smart.
That may become important if you do get married and have children. Leaving a spouse with kids to raise is an expensive proposition and the insurance could provide a level of income replacement (if it is more than your medical bills/costs of funeral). If you become uninsurable, then you may not have that option.
Locking in coverage may be more important than locking in a rate. |
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John M
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not unless you end up with a condition that will prevent you from getting insurance later, when you do have a wife and/or children who need you to carry insurance. Even then, there are jobs where you can get insurance without underwriting.
I would be inclined to not have insurance until you have dependents or get married. |
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Dr. Deth
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if you're single and have no dependents - you don't need it. When you do need it, you can usually get it cheaper thru work with a group life policy |
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Scotty
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Sure it does........the older you get the higher your premiums are. You never know what is going to happen to you, God forbid anything ever does, but you never know. You would not want to saddle your family with the cost of a funeral and burial would you? |
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oriental_destiny69
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It does help your family if anything should happen to you. if you are not married and have no kids you do not HAVE to. It is really your personal choice. |
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Hadley
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It's up to you.
Ask yourself - "Why do I need life insurance?"
Life isnurance is a financial tool to meet your needs and fit your budget.
If you have no need for life insurance, maybe you should consider this and decide what other means may satisfy the goal you are trying to provide for.
If you have no family and no children, and no outstanding debts, then you may not need life insurance.
However, if you have life insurance in place, this guarantees you protection if things change, such as, getting married and having children.
Is the safety feature of already having protection worth the money you are paying? That's the real question here. |
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rima331
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Yes, I think it is good that you continue to pay. I know it sounds morbid, but you never know. You may have a wife, a family one day. Even if it is not in your plans it could still happen within the next 10-15 years so that when it does you will o nly have to worry about your wife and children, YOU will already be taken care of! |
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Daewen, A.R.T.
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Yes you should. My uncle died suddenly, and left an absolute mess behind. I don't even want to think about what would have happened if he didn't have life insurance! Think about the people you'll be leaving behind...It wouldn't be too bad if you had all your affairs together, but if you drop before your time, chances are you won't. Life insurance: always a good idea!
--edit-- Btw, he was relatively young and single; funerals these days cost about $10,000 - do you want anyone else to have to pay for that, wouldn't you rather pay for it with your life insurance? |
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dot&carryone.
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Even if it is just to cover your funeral expenses. |
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Tom E
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It's better to pay a modest amount over a long time and have it, than to wait until you're 50 and find the rates are out of reach, like me. Your choice. |
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Josh
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Yes because if you cancel it and get it again later, then you will be paying a whole lot more, and may not even qualify anymore. Besides, if you cancel it, you'll never see a dime of it again, all that will be wasted. Also, a single person with no kids cost just as much to bury as a married person with kids, and someone still has to pay for it. Arrangements for the funeral and burial costs tens of thousands of dollars, minimum. Research it if you don't believe me. If you want proof about being locked into the rate, call your insurance company and ask what they would charge you if you were 37, or 57. At 27 you should really understand this by now. |
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Kathy L
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It does matter. First, having life insurance is good in the event of your untimely death, kids or not, someone will need to cover expenses. Secondly, the older you are when you try to get life insurance the more likely you are to have health problems and trouble locking in those lower premiums. Just think of it like your car insurance, you hope you never have a wreck, but you'll be glad to have that insurance if you do! I'd hang onto that premium if I were you. |
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Loren S
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DO YOU INTEND TO REMAIN SINGLE, DO YOU WANT TO BE ABLE TO LEAVE SOMEONE SOMETHING WHEN YOU DIE, DO YOU HAVE YOUR FUNERAL PREARRANGED. MANY QUESTIONS NEED TO BE ANSWERED BEFORE WE CAN ANSWER YOURS. AND YES IF YOU AT SOMETIME INTEND TO BUY INSURANCE IT'S NICE TO BE LOCKED INTO A LOWER RATE IT'S MUCH CHEAPER. |
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src50
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Yes, it does matter as the rate is cheaper when you get it at a young age. Is it whole life or level term? What are the details - coverage and premium? |
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Jessica R
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fact is, when you get older, your rates go up, way up. its better to get locked in now that you are young, and still have your health. God forbit you get ill and then no one will insure you because of a pre-existing condition. if you are lucky to get covered, your rates will sky rocket! Listen to your dad! you will thank him one day. |
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tammy h
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yes because my first husband died at 37 and we didn,t have any.that was hard. |
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Joo C
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Locking in the premium is one thing, the other thing is as you get older the chances might have some health issues that will prevent you form being able to buy insurance. One thing you could do is buy a convertible 20 term policy (which is really cheap for your age) and then later if your situation changed (family, kids, debt) convert to permanent policy |
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pinkyismygirlfriendniluvhur
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if you are hangin around in Bakersfield and doin drugs and prostitution, then yeah, buy the policy
he left with some truck driver I think |
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C O
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Would you want to pay for your parents funeral expenses? Its better to get life insurance no matter if you have children or not. It's important that you don't leave that financial burden of your funeral expenses to someone else. Also you are locked into the premium however if you do get married or have children you should consider a policy increase due to the fact that you will need to leave behind some type of income to your grieving wife and/or kids... |
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right on
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yes it is good to be locked in.
Some people are stupid enough to think that you can get life insurance after your sick with cancer.
Lock in you never have a chance again. Listen to him. |
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Mr. Prefect
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So who is your beneficiary? Your dad? If so, that is quite weird. If you plan to marry soon, and especially have kids, then you definitely need insurance. If not get rid of it now. You don't need to be locked into anything for no reason. |
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mbrcatz
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NO. That's like going to Home Depot to buy a table saw at 2007 rates - you're locking in the rate there by buying it now.
Life insurance is a FINANCIAL TOOL. You need to define the goal now, THEN you pick the best tool for it. |
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Chelsea
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I'm going to assume that you want to get married and possibly have children; so, plan for the future. Go ahead and keep paying it and when you do have a wife and children to worry about you'll be glad you paid it now. |
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kiya
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Now a days with the way people are dying fast everyone needs to be paying for life insurance. |
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abcdefghijklmnopqrstuvwxyz.....?
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best if you do pay for life insurance. uhh yea it DOES matter...lol |
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