Life Insurance?

Question

How much life insurance should I have on myself? Im single with no dependents and own my own home and Im 28.

Answer 1

I am in insurance agent and the company I work for specializes in Life and Health... In my honest opinion I would recomend that you consider getting some kind of insurance to pay off your mortage if you die and something to cover you funeral. Term insurnace is good for your mortage (select a term lenght that is as long as your mortage ie. 10 or 20 yrs and an amount that is the cost of you mortage) The coverage ends at then end of your term and you get nothing back but you have the peice of mind that if you die your loved ones dont have to sell your house for less than what it is worth. A small whole life is good for funeral expenses and with whole life you pay a little more but you can have it forever and if you ever get into a financial bind you can borrow from it usually 10 or 15k is enough for a funeral depending on where you live.

Answer 2

Ask yourself, "What would be the financial impact of my death?" If the answer is "$0", you don't need life insurance. It doesn't appear that anyone depends on your income, and you own your own home, so if you died, the bank holding the mortage would take it over and sell it. Looks like all you might need to pay for are final expenses. But, then, you wouldn't pay for that, would you? Someone else would.

You might want to discuss that with the "someone else", whom ever that might be. That person may want to take out an insurance policy on you so that s/he wouldn't have to foot the bill him/herself. You would have to consent to being underwritten.

Even though you don't "need" life insurance, you may want to consider buying coverage to lock in your insurability. Once insured, the company cannot cancel your coverage because your medical condition changes. And, if you buy low cost term insurance, there is usually a conversion priveledge that would allow you to convert all or part of the death benefit to a permanent plan of insurance without the need to medically qualify (permanent plans of insurance are anywhere from 12 - 15 times more expensive than term).

You only "need" life insurance when your death would cause a dependent or dependents to suffer a financial hardship.

Answer 3

No dependents? What about your parents? Note that dependents are not just a stay-at-home spouse or children. At age 28 you should(normally) be providing for your parents, therefore you should have insurance that will help take care of them when you are gone.
Right now, you need insurance to help at least cover taxes and final expenses.
If you get married in future, then you need insurance to cover for the spouse.
If you get married in future and have children, then you need even more insurance for at least a term of 25 years.
You can choose to increase coverage when you get married eventually but you may not be healthy enough to buy anymore. It is best to buy now then regret later.
However, if you intend on staying single forever, then there is no need for much insurance coverage other than the basic to cover taxes and final expenses. You should get endowment plans and invest wisely and buy health insurance instead.

Answer 4

In most cases, if you have no dependents and have enough money to pay your final expenses, you don’t need any life insurance.

However, if you want to create an inheritance or make a charitable contribution, you should buy enough life insurance to achieve those goals.

If you have dependents, you should buy enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them, plus enough to offset any additional expenses they will incur replacing services you currently provide (for example, if you do the taxes for your family, the survivors might have to hire a professional tax preparer). Also, your family might need extra money to make some changes after you die. For example, they may want to relocate, or your spouse may need to go back to school to be in a better position to help support the family.

Many pundits recommend buying life insurance equal to a multiple of your salary. For example, one advice columnist recommends buying insurance equal to 20 times your salary before taxes. She chose 20 because, if the benefit is invested in bonds that pay 5 percent interest, it would produce an amount equal to your salary at death, so the survivors could live off the interest and wouldn’t have to “invade” the principal.

I would recommend speaking to a competent insurance agent before securing a insurance policy. To check out the various life insurance types and to get a quote go to: http://www.insureme.com/landing.aspx?Refby=614500&Type=life. It’s a web site that will give you the information required to make a decision on which policy is right for you. It also gives you the option to call local agents to get any of your questions answered. Hundreds of companies use this service, which makes it very easy for a consumer to find the best price for a specified amount of coverage in minutes. Policies start at as little as $3 per month.

Ron @ InsureMe

Answer 5

You don't need any. Life insurance is for those who you leave behind. Unless you want your brother, mom, or best friend to have some money if you die, put the money you'd normally pay for life insurance into an interest bearing account. That way, you'll have a little more when retirement time comes around.

Answer 6

term insurance -the place insurance is available for a particular era (oftentimes a 12 months, or for point classes including 5, 10, 15, 20 even 25 and 30 years) the place a demise benefit is only paid to the beneficiary if the insured dies during the specified era. on survival no longer something is payable everlasting existence insurance is a style of existence insurance including complete existence or endowment, the place the coverage is for the existence of the insured, the payout is certain on the tip of the coverage (assuming the coverage is stored contemporary) and the coverage accrues funds fee.

Answer 7

Deciding on the right amount of life insurance can be confusing to some people. There are several reasons people buy life insurance - To protect those they love and provide financial security for them - such as your relatives and loved ones.

Also, to pay off all of your outstanding debt - like car payments, mortgage and credit cards. Life insurance is also used to pay for your final expenses, such as, burial costs, and related expenses.

People also use life insurance to leave money to a charity or to provide funds for a business partner to contunue the business.

Since you are young with no dependents at this time, your life insurance needs may be less than what they would be in the future if you plan on getting married and raising a family.

You want to carry enough life insurance to pay off your home mortgage, credit cards and pay for your funeral expenses. Also, if you want to leave any money to family members for their financial security - do you have any neices, nephews, or god-children? Do you help to support, or take care of any parents or grandparents?

Level term life insurance may be the most inexpensive form of life insurance for you at this time considering your age. You could get the maximum amount of protection at the lowest cost with level term insurance.

You can use a life insurance needs calculator at http://www.term-life-online.com/term-life-insurance-calculator.html to help you quickly determine the right amount of life insurance for your personal situation.

I hope that helps. Good luck to you.

Answer 8

I am a Life Agent, since you are single and you own a home, I think you should have coverage to basically protect your mortgage just in case anything happens to you your immediate family can atleast payoff the house. I am sure you will settle soon in life, getting at a young age helps you lock in rates.

Answer 9

I might suggest you to try this site where onel can get quotes from the best companies: http://INSURECOMPAREQUOTES.US/index.html?src=2YAoui2O6re

RE :Life Insurance?
How much life insurance should I have on myself? Im single with no dependents and own my own home and Im 28.
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Answer 10

are you planning on getting married, do you have any loans out that someone else would have to take care of if something happened to you. I know of a few companies that could give you information if you want send me an IM and I will get you in touch with them

Life Agent