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babysteaks3 | Should I get life insurance?? |
I am going to be 20 and I am having a beautiful baby boy in January....would it be a good idea to get life insurance? |
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Bradley S
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Yes, you should get life insurance you can afford so that your child will be taken care of should you die prematurely. I respectfully disagree with those who say term life insurance is the only way to go.
Term life covers you for specified amount of time, or term. All of the premiums that you pay for a term life policy will be gone, however, when the term is up. You have purchased security, but that is all. You will never see that money again.
If you get a whole life policy, the insurance company will invest your premiums and your policy will build cash value over the years. A whole life policy will never expire, as long as you continue to pay your premiums. If you live 20 years and 1 day more, you will still be covered under whole life. You will not be covered under your 20-year term policy. If you live to 80, you will still be covered. At some point, your cash value can be used to pay the premiums for you, to keep the policy in force. You can also borrow against the cash value. A whole life policy is more expensive, but you are young and should get a good rate.
The usual knock against whole life is that you could take the money you would save by getting term life and invest it into something with a better return. That may be true, but be realistic: Would you really invest the premium savings? Would you invest them in a sure thing? Whole life is guaranteed to build cash value. And how, exactly, are you going to invest $20 a month? Save up for 25 months and buy one share of Google stock? To find out more, go here: http://www.lifeinsurancewiz.com Good luck! |
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great_and_mighty_adam_levine
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First, congratulations.
The answer is yes. You need to do the following:
1) Determine who will take care of your child in the event of your death. If this person is someone you live with (like a husband), determine who should take care of the kid if you both die simultaneously.
2) Figure out if those people will need MONEY to take care of your kid until he is an adult. The answer, most likely, is yes.
3) Figure out how much money.
4) Take out a term life insurance policy for that amount. At your age, the insurance shouldn't be that expensive. I recommend 10-year term in most cases. It's cheaper than longer term, and saves you some cash. The downside is that in 10 years you may not be insurable, and might not be able to get another policy. However, becoming completely uninsurable by age 30 is a very rare event.
The key is to KNOW the amount you want. If you let an agent do the calculations for you, they will try to sell you way too much, or pressure you into a more expensive product.
To quote your insurance, I recommend getting 3 quotes:
1) Your home/auto agent. You might be able to get a discount on your home and auto insurance by buying life with them.
2) An independent insurance agent who can get quotes from several companies.
3) Ameritas Direct, which to my knowledge is the only true no-commission life insurance available. Other "direct" life insurance charge the same price as they would as if they paid a commission. (link below)
-->Adam |
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xyz
 |
Yes, get one that will not only pay off if you die but invest for the future...but make sure its the right one, some will not give you back anything, I can't remember the names of..at your age they are very inexpensive.. |
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Barry G
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Maybe you can try below website to get the information you need. It's about choosing the best life insurance option for you articles for your second opinion. |
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Christie
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Yes! You need insurance for a couple of reasons:
1) To pay for funeral expenses, in the event of your death. If you're uninsured, who will pay for those things? Having life insurance means that there'll be money to pay your burial expenses, and your family won't be burdened with unexpected expenses.
2) You will have a child soon. Having life insurance means that if you die, there will be money to help raise your child. That way, whoever is raising him (your girlfriend, wife, whoever) will have money for food, clothing, medical expenses, even school for the child. |
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Jenny G
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Yes, life is unpredictable, just look at what happened in Minnesota....one minute you are on your way home...the next you are gone. God forbid that should happen, but that baby boy deserves your consideration should such an event occur.
I am still single, no children, but as soon as I marry, I would get life insurance, you just never know who may go, but part of love is to leave something behind if you do pass on. |
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aaron p
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If you died next year, would you like to leave a sum of money behind to help raise your son? If the answer is yes, insurance is the cheapest and most immediate way to achieve that goal. If the answer is no, don't bother.
Talk to an independent insurance agent. If the father isn't around or couldn't be trusted, you should also consider talking with an attorney. Congratulations. I hope he makes you proud one day. |
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insuranceguytx
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First, I recommend that you meet with a local insurance agent. No one on this message board knows (and you did not provide) a lot of critical information - health, income, savings, debts, future plans and goals.
Term is probably your best bet but I cannot tell for certain. There are instances where term won't work. What if you become disabled and unable to bring in a paycheck? Term insurance won't help you there at all.
Your plans and financial circumstance will change many times over the coming years. Your insurance coverage will need to change too.
There are lots of things that can happen to you between now and age 30 which will make you uninsurable (or insurable only with a very big price tag).
Go meet with one or several agents.
Good Luck.
* |
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sortaclarksville
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Yes, if you have children that rely on you for financial support, then you need a life insurance policy. It is typically recommended that your coverage be 10-times your annual income.
At age 20, if you don't smoke and have no major health issues, you should be able to get a term policy for really cheap. Get a 20-year term policy so that it's locked in until the child is grown. After that, you really no longer need life insurance. After your kids are grown, having a life insurance policy is really not any different than just investing money for your kids. You are just buying a future guaranteed payout. |
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