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AndreaNYC | Life insurance at 23. suggestions? |
Hi, I'm 23 and I have a one year daughter.
I was taking in consideration to apply for life insurance.. is it cheap? what is a good company to stick with?
Thanks |
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doreen k
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Term life insurance is the best deal going. Don't try to make life insurance an "investment." It's a better deal as straight insurance, not as universal or whole life, despite what your commission-paid agent may try to persuade you.
Get the longest possible term you can get. At least 30 years. That way you lock in the price at the lowest possible rate for the long term.
Buy as much coverage as you can possibly afford. The older you get and the more money you make, the more affordable it gets in the future. If you wait until you earn more money, you may not qualify later due to health issues or you may find that you cannot afford the higher prices for increased coverage at that time.
Pick a company with the highest possible rating from AM Best. New York Life is one such choice. |
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car253
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Doreen had the perfect answer. I could not have said it better. I just wanted to say that her answer was correct and perfect.
There are very few honest agents when it comes to life insurance because their commission rate is so much higher on other plans that they do what is best for their own pocket.
Do what Doreen's suggest and take the 30 year term. It is best for your wallet. |
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Chris C
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It completely depends on why you want to get it.
Are you insuring a short term need like debts, a mortgage, a child (child care and education if you pass away)? Then go with term.
Are you insuring a long term need that won't go away like funeral costs(IE: funeral costs will be there whether you die tomorrow or at age 90), estate taxes, income taxes upon death, charitable giving, etc? Then go with whole life.
Is it cheap? Yes...depending if you are a smoker or not, your health history, where you live and the amount your looking for. If you're looking for $250,000 and your a non -smoker, at your age it would cost roughly $25 for term and $60 for whole life (you likely wouldn't need that much in whole life alone though unless you plan on having a large estate when you are older).
Your best bet is to contact a lisensed insurance broker who has access to multiple companies. It's difficult to recommend who the best company is without knowing more details of your background. Some companies are great for smokers, but not for smokers and vice versa. Some companies look at pre-existing conditions or risk factors differently than others. Some are great for term, but not for whole life. A broker can look at your situation and sift through all the companies to find one that suits your needs.
Some companies strictly promote the Buy Term and Invest the Rest theory which is SERIOUSLY flawed and debunked (read No Salesman will call by Lyle Manery, where he exposes miscalculations, misinformation and contradictions from more than 10 authors of books promoting buy term and invest the rest). The original rational behind this theory is that you could make 15-20% on investments back in the 50s so you could make a pile of money investing, those days are gone and the money doesn't pile up like it used to. Also, less than 25% of people actually invest the full difference (from a Harris International study) so while it looks good on paper it almost never turns out that way in the end and most end up with no savings and no insurance enterting their mid-life/retirement years when health risks become a factor.
PS: You should also make sure you have a good disability, critical illness, and long term care plan in place if you don't through your workplace. The odds of you getting seriously ill or disabled are FAR higher at your age than the odds of dying. |
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hadley2120
 |
It depends on your goals. What are your goals for your life insurance policy?
Do you want lifetime coverage, or coverage until your daughter is grown-up and out of the house, or finished with college?
There are two basic types of life insurance, permanent life insurance builds cash value within the policy and lasts your entire lifetime, term life insurance provides temporary protection for up to 30 years and is much less expensive than permanent life insurance.
You may want to consider buying level term life insurance for 30 years. That way you have rates and coverage that will remain the same for 30 years. Also, you may be able to purchase a lot more term life insurance than permanent life insurance.
Before you buy, consider how much life insurance you need, for how many years, what you can afford to pay. Also, review the financial rating of your insurance company, that will be shown with your life insurance quotes, or check at www.ambest.com
Make sure you compare quotes for term life insurance from several companies because the rates can vary quite a bit. Also, compare quotes for monthly, quarterly and annual premium payment options.
When you compare free life insurance quotes online they will show you the lowest prices from the top-rated insurance companies.
Finally, you may want to lock-in lower rates now because the life insurance premiums increase with your age.
One good thing is that term life insurance rates have decreased by 50% over the last 10 years according to the Insurance Information Institute.
Some of the more competitive companies for term life seem to be Banner Life, West Coast Life, Liberty Life and Prudential, among others.
I hope that helps. Best of luck to you and your family.
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mbrcatz
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My suggestion, is SET THE GOAL FIRST. What exactly do you want the life insurance to DO, and for how LONG?
After you've set the goals, then it's a good idea to look at the different products that fill those goals.
Any A rated, admitted carrier will be fine. There are HUNDREDS of good, solid companies that sell life insurance. |
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