 What other options apart from Life insurance? |
I can't get any life insurance for various reasons, but I want to provide for my family in the event of serious illness or death. Are there any other options?
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THEONE | Which life insurance would suit my life? |
I am 25 year old male. In strong health. I have a mortgage, car loan, and no credit card debt. I have no wife.
Which life insurance would benefit me but is also able to change with me as I produce a family and have a wife?
thanks
Additional Details
When you say buy term and invest the difference...invest it where? My own personal 401k's or invest it within the policy?
I do have the power to save but lower premiums right now would be suitable.
I assume additional riders means more $?? |
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Tori
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I'll put it very simply!
I would suggest a $50-100K whole life policy while you're still young and healthy and it's affordable!
One that is paid up after 15 or 20 years is preferrable so you're not making life insurance payments forever! (You pay the payments for 15 years or so - then it's paid OFF & you don't have to make any more payments on it....)
This will work for funeral expenses & will leave the wife & kids a bit extra to take some time off of work and mourn...
And term policies to cover your home mortgage and your other loans - if that's affordable...
To have a house already - you're probably in a financial place to be able to afford all of this insurance now!! So do it NOW!
***MBRCATZ*** Are you serious??? Because he's young & healthy & now is the time to get it in force! The older he gets - the more it will cost! And what if he wakes up tomorrow & finds he has MS and is UNinsurable!
I cannot believe an insurance agent doesn't think he needs life insurance!! |
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magoo&me
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Think about how much life insurance you would need to replace your income if you died and left a family behind. You are wise to think of your situation. Purchase it now while you are young and healthy, and qualify for it. So many wait until they are unhealthy then they run out and want to get it but are turned down or they cannot afford the high price of waiting. Just sit down with your local agent, go to who you have your auto or homeowner insurance with and let him or her run a few proposals for you. |
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Richie Rich
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Although right now you do not need life insurance (no body is dependent on you at this moment), getting some is still a good idea since you are planning on having a family.
Get enough to cover the house, the car notes, and about 10k-15k to bury you.
Only get Term insurance. Cheapest and most flexible. Make sure you can add riders, and yes they cost money.
Investing the difference is something you will have to decide. Talk with a local planner/advisor/analyst in your area face to face to go over this.
Ask all the questions you can of the agents you talk with, and talk with several. The better ones wont pressure you into anything.
If you can, find one that will also help you reduce the mortgage and care notes so they are one less thing to deal with.
If in DFW, contact me and Ill be glad to sit with you and answer your questions face to face. |
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es
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It depends. The cheapest insurance is term life. You can get a fixed term life policy that guarantees your payments (premium) for 20-30 years. You can also purchase insurance with a savings component-- and that will grow tax deferred, and you can increase the policy limits under certain conditions ( if you buy the correct riders) . If you have the discipline to save $, then by term and invest the difference. If not, then buy a policy w/ a savings component to it. |
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Domi S
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the best way to go is to get term insurance, that way you are locking in your insurability and you know that in the future, if you are not insurable you know you are already covered, make sure the term you buy has a convertible feature, that means that as your financial situation gets better you could convert in part or in whole the face amount that you already have into whole life without proof of insurability.
whole life at your age is awesome, if you can afford it, cash value grows in it ( tax deferred)and you can take loans against it to use it for anything you want could be a wedding or even to save money for retirement. make sure you choose a mutual company instead of a stock company, stock companies pay dividends to shareholders while mutual companies pay dividends to policyowners, so there is a big difference in cash value growth.
good luck!!! |
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src50
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I agree. Buy a 30-year level term policy now while its cheap. As far as "investing the difference" goes, you invest it wherever you wish.
Edit: Go to Yahoo Finance and click on "Personal Finance." There is a section that explains types of life insurance. |
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mbrcatz
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Why do you need life insurance, if you have no wife? What's the POINT of the life insurance? Debt is NOT inheritable.
You buy the type that suits your current goal. When the goal changes, you re-evaluate your policy, and maybe get a different type.
Set the goal. I don't see that you have a need, from what you've stated. |
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kapn
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None..........why would you want to pay for life insurance if you do not have a obligation to a spouse or child........?
Your 401 will be enough to bury you and leave a few bucks to whoever............ |
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