What kinds of policies are there besides life insurance? Where should I start looking?
2006-06-08 05:46:12 · 11 answers · asked by hougang sleepwalker 2 in Business & Finance ➔ Insurance
Start as soon as you can afford to put a small amount of money aside each week/month. The right kind of policy can produce income for retirement.
Do some research online or at the library for the types of policies that would be right for your age, sex and health.
All of the major insurance providers have web sites that will help you explore your options.
2006-06-08 05:51:00 · answer #1 · answered by Joe D 3 · 6⤊ 2⤋
The younger you are, the lower the premiums are. If you are working, you can probably buy $1,000,000 worth of coverage around $90/month for a 30 year Term at age 18-26 (that is, if you are healthy). This is what I have and I bought it when I was 22 years old through Primerica Financial Services. I also setup my Roth IRA through them as well.
Anyway, there are 2 main types of life insurance. One is Term (the one I just talked about) and the other is cash value (also known as Whole Life, Universal Life, or Variable Life). If my policy was cash value, I would be paying about $2400-$3000/year.
As you can see, one is way more expensive than the other and I don't know why there is a savings attached to a life policy. When you die, your beneficiary only gets one of them.
2006-06-08 16:15:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The sooner the better, you never know. I know because I lost my daughter unexpectedly in a car accident, there were others killed and they had life insurance and we didn't we learned a valuable lession from the experience. My daughter was only 13. It's never too soon, if you want to be prepared for the unexpected. It is also a caring thing to do to make sure that your loved ones have the money to take care of the responsibilities of your burial, and to be taken care of. It doesn't take the sting of death away, but it does make life more bearable to not have to worry about the financial burdens of a loss or unexpected death.
I would talk with several insurance providers about life insurance and porgrams they have, then make a educated decision on the one that would best serve your purposes and needs along with the one that would fit into your financial situation.
2006-06-08 12:55:09 · answer #3 · answered by ? 5 · 0⤊ 0⤋
It is not necessarily and "age" that determines when you should buy life insurance. It is more a factor of your personal financial condition and your goals. People who die broke, get pauper's funerals. Would anyone you leave behind be financially impacted if you die? How about in the future? spouse, children?
Is it possible, with all the stuff going around that you could become uninsurable?
If you are thinking about it, it must be time.
The next questions are how much and what type. Talk to a licensed professional to get a clear picture. In my opinion a combination of policies works best.
2006-06-08 15:54:18 · answer #4 · answered by insuranceguytx 5 · 0⤊ 0⤋
I highly recommend the Term to 25 through AFLAC. Check in your state to find and AFLAC Rep.
In Illinois, it is $8.16 per month for $20,000 of Term Life insurance, then when you turn age 25, the premium goes up, but the $20,000 doubles to $40,000 and stays at the same premium for the life of the policy.
If you ever have am uninsurable condition, this really comes in handy. As DragonFly mentioned, you never know when something might happen.
The average Final Expense in American is around $5,700. What will it be in 10 years, 15 years, etc.
Best of luck!
2006-06-08 15:33:30 · answer #5 · answered by healthlifeinsure 2 · 0⤊ 0⤋
You should buy life insurance as soon as you can afford the premium. Your type of life insurance policy depends on your financial goal. Check out the different options before enrolling.
2006-06-08 21:07:18 · answer #6 · answered by AmericanBizEnt 1 · 0⤊ 0⤋
As early as possible. We started policies for our children when they were three years old and continue to pay for them. Someday the money will be a very pleasant surprise for them.
2006-06-08 15:52:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Unless you know exactly the date that you are going to pass away, buy the insurance as soon as you can. The younger you are, the cheapest it is.
2006-06-08 12:53:52 · answer #8 · answered by elgil 7 · 0⤊ 0⤋
Right now, today. It will never be cheaper than it is today. As you age the cost of insurance increases.
2006-06-09 09:52:46 · answer #9 · answered by Badkitty 7 · 0⤊ 0⤋
The younger you are the cheaper the premiums are
2006-06-08 14:24:36 · answer #10 · answered by Granny 1 7 · 0⤊ 0⤋