I'm a healthy 22-year old male and I live with my Dad. Even though we've always gotten by our whole lives, we never have been able to save any money. If something ever happened to me, my Dad would not be able to afford paying off my bills and paying for my funeral. I want to get life insurance but I'm an absolute novice about it. For example, do I go with whole or term life, would the insurance be taken out on myself or on my Dad, how would I make sure that all the insurance money went to him? Thanks for the anticipated help!
2007-03-22 17:11:26 · 3 answers · asked by JerseyJeff84 2 in Business & Finance ➔ Insurance
Term life would take care of this goal, and at your age ti would be really cheap. You would insure YOURSELF, and name him beneficiary. $100,000 would cost you about $100 a year.
2007-03-23 00:40:03 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
Whole Life is a scam. Huge amounts of your premiums go to the guy who sells it to you.
Get a good term-life policy. The internet has made it very competitive. If you want, consider level-term, which willl give you the same payments over years, i.e. 10 years. You basically pay more in the early years, get a discount in the latter years.
2007-03-23 17:06:55 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
take out a policy on yourself and name him the beneficiary.
2007-03-23 00:18:47 · answer #3 · answered by dixiegirl687 5 · 1⤊ 0⤋