2007-01-05 09:51:33 · 13 answers · asked by jkd408 1 in Business & Finance ➔ Insurance
No. I've never seen a NEED for life insurance in a 19 year old.
2007-01-05 10:36:42 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
It's very simple. Life Insurance is like car Insurance in that you should only get it when you need it. If you don't have any dependants you don't have a need for life insurance. Just as someone who doesn't drive a car should not get car insurance. All this talk about estate planning is non-sense unless you have an estate worth $1000,000 - $2000,000. The best thing to do is to pick up a book on personal finance and just read the Insurance section. You'll understand what I'm talking about. All these people who suggest whole-life or permanent insurance should do themselves and their clients a favour and also read those books instead of trying to make a buck or two from some poor soul who doesn't know anything about personal finance. Whole-life agents make big comisions for a reason.
2007-01-06 09:38:14 · answer #2 · answered by I.R.O.I 1 · 0⤊ 0⤋
It is not the norm, but it could be one of the smartest decisions you can make for your future. Insurance is a critical tool for building towards your future, but you need to understand its advantages and disadvantages as a financial tool. Term VS Permanent life insurance is the question. Building your lifetime estate is like building a house, start with a good foundation. Life Insurance is the foundation of any sound estate plan. With insurance the quality of the company and length of time the company has been in business are the most important factors. Term convertibility to permanent (whole life or a Universal or variable) will also be important. Term life has very explicit uses, for a young person it is a way of pre-qualifying and keeping costs down for future needs. If you work it right the cost of all premiums can be recovered in the long term and good permanent life insurance policies will actually pay the premium expense if you choose the right product and keep it in effect over your lifetime.If nothing else you should keep enough term life to bury yourself and pay off your debts (school loans, car, credit cards ETC...) instead of adding to the burden of your family's grief should you die prematurely. Something to think about anyway...if you have questions email me Steve
2007-01-05 11:23:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Again with State Farm Folks, they're great for car and home insurance, but DO NOT buy life insurance from any of the "car insurance" companies. Besides State Farm would not insure you -- my guess from what you typed. Yes, your age has nothing to do with it, but your mental health history would not make it an inexpensive endeavor. So, if you go to a site (like mine) and get quotes they won't be of much help because you won't qualify for those rates. You need to work with an insurance broker so you can disclose your medications and they can shop different insurance companies for you. Bottom line, yes you can buy it but it'll be more than a 19 year old who has no mental health history. Jeff
2016-05-23 07:00:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That depends really on you. Are you parent at this age or someone else depends on you? Then life insurance would be a definite yes. Also if you are a bit overweight it would be easier to qualify for life insurance at this age then down the road. Please note that life insurance is not an investment, and that anyone who tells you this is a liar and walk away. If you decide to purchase life insurance and your family has some health issues, please discuss with your insurance agent a gio option(guarantee insurance option) that gives you future opportunities to purchase life insurance without an exam. Good luck
2007-01-06 12:04:50 · answer #5 · answered by Steve07047 1 · 0⤊ 0⤋
No.
Not unless it's free.
However if you have a child, then the minimum term insurance would be ok.
Thereafter, it depends if you're married with a family hence the need to protect others.
Life insurance is really death insurance as it pays off when you die, and protects those you leave behind. So if you don't have any children to protect, there's no need to make the billion dollar a year insurance companies richer!!!
GOD bless us one and all, always.
MBA-Boston Univ.
CPA-retired
2007-01-05 10:00:40 · answer #6 · answered by May I help You? 6 · 1⤊ 0⤋
It's definately normal. It is actually smarter to purchase life insurance at a young age because that is when it's the least expensive & it guarantees your insurability.
2007-01-05 18:46:21 · answer #7 · answered by mymoon 2 · 0⤊ 0⤋
Why not? You preserve your insurability and if you are young and smart like some of my clients you are developing an asset portfolio that needs protection....
Good for you to think about it at such a young age...
Good luck!
2007-01-05 16:01:12 · answer #8 · answered by City 2 · 0⤊ 0⤋
it the starting age is usually 18 or in some countries the min voting age and that can be 16.
its never too early to start, in fact advantageous to start early and end early so you can enjoy retirement earlier
2007-01-05 22:47:58 · answer #9 · answered by onukpa 3 · 0⤊ 0⤋
i think it is smart. The younger you are when you get it, the cheaper it is. If you wait til you are too old it will be way expensive. Besides, you never know when it will be your time to go. We are never guarenteed our tomarrows.
2007-01-05 10:01:01 · answer #10 · answered by its just me 5 · 0⤊ 1⤋