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Reginald J | Insurance Question: What type of life insurance policy should I get? |
I'm 22 y/o single male with about $100K debt between school loans, car payments and general credit card debt. I make about only about $50K/ yr as of now but I want some sort of policy for my parents to cover my death expenses and debt should I die in the near future. Can anyone help me out with deciding what type of policy to get and how much death benefit I need?
I'm leaning toward 10 year term insurance with a death benefit of around $200K but would like some 2nd opinions. This is all subject to change of course once I have a family of my own. |
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Michael M
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You can get a small term policy to help your parents cover your final expenses. The 10 year term product will be good because you'll probably want different coverage in future as you get married, have children and make more money.
One thing to note: Unless they cosigned on the loans your parents will not be responsible for your debts. Your creditors may try to trick your parents into giving them money but your debts die with you. If they did cosign then the policy you describe above sounds like a very smart and thoughtful gesture. |
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Emma F
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I would go for term. However, if underwriting find something in your medical records they may find you uninsurable. Saying that another company may rate you, which means instead of giving you $200,000 they will give you $100,000 coverage for the same price.
I hope this helps. |
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duffmanasu
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The previous answers are fine, but I just wanted to suggest to you that you ask your agent about "banded premiums". Basically, at certain intervals, you start paying less for your insurance. For example: if you buy life insurance with a death benefit under 100k maybe you're paying $5 per thousand worth of coverage. But if you buy 100k or more, it only costs $3 per thousand. If you're considering a figure close to, but under $100k, it may actuall be cheaper to buy $100k.
For a lot of companies, they will band their premiums at $250k, also sometimes companies don't offer their most preferred rates unless you buy at least $250k, so it may be cheaper to buy $250k than $200k (or very slightly more). Also, many companies offer better rates over a 20 year term than a 10 year term. With my company, it would actually be between $3 and $15 cheaper per month to buy a 20 year $250k policy than a 10 year $200k policy, depending on your health status.
Like everybody else says, your debt will most likely not affect your parents, but you may still want to consider a $200k+ policy. You can lock in the insurance now while you're healthy just in case you don't qualify a little later in life (according to cancer.org, 1 in 70 men develop invasive cancer before they turn 40). Plus the insurance should be really cheap while you're young. ($15-$20 month if you're in good shape). |
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KG Mom
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I sell health insurance (and life if someone asks me) and you are going to get about 100 different answers.
I'm pretty impressed though that you are mature enough at 22 to realize you need some life insurance! And $200K is about right. $100K to pay the debt, $25K to bury to you and $75K for the other misc. expenses.
There's 2 main types of life insurance. Whole and Term. Whole builds cash value and covers you if you die at 23, 57 or 193. It covers your WHOLE life. Term covers you for however long you buy the policy for. At your salary I would buy the cheapest term policy you can get (go to the web). And if your employer offers term, but it through them. Its even cheaper. Here's the catch. If you become unisurable, you're screwed. For example, you buy the $200K 5 year term policy in 2008. In 2010, you are diagnosed with Hepatitis C. You are now unisurable (for 10 years). If you buy a whole life policy now, you will still be covered.
One other thing. The agent who sells you whatever is going to make about 75% of the first years premium on the term policy and 5% every year after that. On a whole life policy, they will make around 60%, then 10% every year after that.
Here's the deal on whole life. The theory is that over the next 50 years (now until you retire) if you invest $100 a month in the stock market, you will do better than a whole life policy. But if you ask anyone right now who wants to retire who doesn't have anything outside the stock market, they are looking at another 5 years of working. Yuk.
Hope this helps and it wasn't too much info!
OH. And shop around. You want a broker, not someone who can only sell one companies plans. But if you can get it at work, do it there for now. |
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Richie Rich
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Well, since no one is dependent on your income (right?), and no one cosigned on your debts (right?), then you only need enough to cover final expenses. About 15k - 20k for a funeral and maybe another 20-30k for any medical that may come up.
I would suggest a longer term though, you never know what might happen and given how you are looking at a wife and kids. You never know what can happen and it is easier to get a lower better rate when you are young and healthy. You can always add them on later.
Just remember though, Term is pure insurance, Cash Value is Term Insurance with a savings plan. |
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PennyLeeD2
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For now, you would only need to cover your death expenses. Your debts are yours, your parents do not inherit them. They belong to your estate, and the lenders can't come after your parents.
Once you have a family, you want to make sure that the children can make it through school, and that your spouse is taken care of. That's it. Once the kids are grown and you are established financially, you don't need life insurance, you have investments. |
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dwjohn15765
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Always so many answers only to confuse you more. LOL If your working for a company that has benefits you probably qualify for the term coverage automatically sometimes at no cost. It would be wise though to look at there other policies offered that are portable, which means if you quit or fired you have the right to take the policy. Life Insurance is very inexpensive and easy to get when its in the group setting. Outside of that usually you will have a para med which means giving blood and urine and general health questions. But seriously look at the policies that are with the company you work for. |
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