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Nodor | Life insurance...do I need more coverage? |
I am 27, good health but family has a history of high colesterol, high blood pressure, cancer, etc... I am also a single father to a 4 year old girl. I have a small ammount of coverage through my work ($15,000), and no real assets to my name other than my car. If something were to happen to me I don't really have much in the way of financial security to offer to my daughter. Should I look at getting additional life insurance for myself? |
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Financial JUSTICE
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Since the only life insurance you have is through work, I strongly recommend that you do get your own personal life insurance. If you lose your job, then you have no life insurance.
Base on your family's medical history, it would be very difficult for you to qualify for life insurance. But you should still try to get one anyway. I recommend a 30 or 35 year level term insurance. I don't know how much coverage you should get. Only an agent who looks at your entire financial situation can find the right amount of coverage for you. But lets say you get $250,000 coverage for a 35 year level term. That would cost you about $500/year.
If you don't qualify for life insurance, the insurance company will refund the premiums back to you. But during the time you submit the life insurance application to the time the insurance company is figuring out whether you qualify for life insurance, you are fully covered temporarily until you find out whether or not you qualify for life insurance.
I personally own a 30 year term insurance through Primerica Financial Services. They take a look at your entire financial situation by using a complimentary, customized, and confidential financial needs analysis. They can also help you start building wealth by investing into mutual funds. I opened my Roth IRA through them and invest $333/month. With an average rate of 12% I'm getting, in 30 years, I would have about $1.2 million in my retirement account. |
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jack w
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Yes. |
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Blessed
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I would suggest a term life policy. They are cheaper than whole life and can be taken out for 20 years and in any amount you choose. The younger you are the cheaper it costs. But at 47 it may be expensive. |
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spicy_salsa69
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Work-provided life insurance ceases if you quit, or get fired. You should definitely talk to an independant insurance agent about your options. If you're in good health now, at 27, even with your family history, you may be able to get a reasonable rate. The longer you wait the higher your premiums will be. And in most cases, if you start out with a term policy now, and later on want to convert part or all to a whole life policy, most cases they can convert it without having to go through another physical or medical questions, etc.
If you're at all concerned about your little girl's future (and I have no doubt you are), you'll want to get independant insurance and much more than $15,000. I'd start out looking at a $50K or $100K term policy. At your age it may not be so bad. Good luck. Hope this helped. |
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tofuisgood_2000
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Most defintely. 3 times your annual salary. Also you should leave enough for you daughter to live on until she is 18 |
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Hydrox
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Yes, 20-year term insurance - ideally you should have 10 times your income - that way it can be invested - mutual funds - and make 10% and provide your income each year without touching the principal. I would also suggest making a will if you don't have one. You can designate a guardian for your daughter. Otherwise, it will be up to a judge who doesn't know you or her to make the decision of who will raise your daughter. |
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src50
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Yes, you should. Talk to an independent insurance agent about options. Probably a level term policy will be the best solution. The sooner you get it, the lower your premium will be. |
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The Oracle
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Absolutely, positively. Your work coverage is likely only good as long as you're at that job. If you leave, it goes. Also, it's a benefit -- they can take it away at any time.
Your family's history will have a little effect on your premiums, but this is primarily to cover your daughter.
I work part-time for the largest term life coverage company in the world. Send me an e-mail through my page and I can get you in touch with somebody. |
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Hadley
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Considering you are 27 and you have a 4 year old daughter, I would say either 15, 20 or 30 year level term life insurance may be a good option for you to consider.
That way you have guaranteed coverage with a rate and coverage amount that will remain level for that period of time.
If you pass away, your daughter would have money to help support her and provide funds for her to go to college or be used for any other plans you have for her future.
Here is an explanation of Term Life Insurance:
Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years.
Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years.
Usually, term life insurance costs less than permanent life insurance.
At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance.
Term Life Insurance Has Three Standard Features:
Level
Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years.
Convertible
Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance.
Renewable
Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70).
For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed.
Make sure you compare several quotes before you buy because term lfie insurance rates can vary by up to 50% or more between insurers.
You can get free, no obligation quotes online for term life insurance at efinancial - https://www.efinancial.com/smartquoteefc.aspx?source=389-707
You just fill out one form and they give you up to 12 instant quotes from top-rated insurers. It's easy and doesn't take much time at all. That way you may save some money on your policy.
Also, if you can afford it, pay your premium on an annual basis, it may be less expensive.
I hope that helps! Best of luck to you and your daughter. |
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lepr0kan
 |
Yes, but if the cost will be too high with your family history and you can't afford additional life insurance look into investing a small percentage of your income monthly in an IRA or money market to help build your assets for your daughter if anything should happen. |
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aaron p
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Yes. A good agent will also discuss beneficiary issues with as well (since you have a minor child). If no other stable beneficiary can be found, they should suggest you meet with a lawyer.
Long story short, if you leave money in your daughter's name, she won't be the first one who has the ability to spend it all.
Good luck. |
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Regular Guy
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Dude,
you only need more life insurance if you DIE!!
Plan on doin that anytime soon? |
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Barry auh2o
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Declining term is the way to go.
You can buy, for example, a 20 year declining term policy which would start with 200,000 coverage, but every year the amt of insurance will decline, until eventually coverage would cease.The thinking is, in a year, your would have lived a year and during that time you would have provided for your daughter, therefore the ins wasn't needed.
Underwriting thinking has changed substantially over the years.
At one time, high blood pressure, forget it. Now, is it under control.
Shop around, talk to an agent, look for the best deal for you and your family. Should something happen to you.,$ 15,000.00 would pay for your funeral, but would leave less than $ 10.,000.00 for your daughter.You are woefully underinsured. |
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P.Y.T.
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sure more money is always good and you can make sure she is secure. |
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