I have been paying for life insurance for a few years now and I am convinced that I shouldn't be. I do not have any children or plan on any in the next few years. My father says it is so I am locked into a premium. Does that really matter?
2007-10-16 09:32:18 · 36 answers · asked by farawaygreg 2 in Business & Finance ➔ Insurance
No,
I personally don't believe in whole life policies. So, that leaves term life. Somebody else gets the money after you die. If you are not supporting anybody, why waste your money?
The premium for a healthy 27 year old is not significantly different than the premium of a healthy 35 year old, so "locking in a good rate" doesn't make sense. Most term policies are usually only 15 years anyway so you would be renewing again at 42 anyway. As somebody else said, bump your 401k contribution and you will be better off.
If you feel the need to cover your funeral costs, go buy a cheap 15k policy.
2007-10-16 09:38:22 · answer #1 · answered by mark 7 · 1⤊ 0⤋
Yes because if you cancel it and get it again later, then you will be paying a whole lot more, and may not even qualify anymore. Besides, if you cancel it, you'll never see a dime of it again, all that will be wasted. Also, a single person with no kids cost just as much to bury as a married person with kids, and someone still has to pay for it. Arrangements for the funeral and burial costs tens of thousands of dollars, minimum. Research it if you don't believe me. If you want proof about being locked into the rate, call your insurance company and ask what they would charge you if you were 37, or 57. At 27 you should really understand this by now.
2007-10-16 18:00:01 · answer #2 · answered by Josh 6 · 0⤊ 0⤋
I might suggest that you visit this website where onel can compare quotes from the best companies: http://HELP-INSURE.NET/index.html?src=2YAmwlirVC47
RE :If I am 27 and single, do I need to be paying for life insurance?
I have been paying for life insurance for a few years now and I am convinced that I shouldn't be. I do not have any children or plan on any in the next few years. My father says it is so I am locked into a premium. Does that really matter?
Follow 34 answers
2016-08-23 23:06:29 · answer #3 · answered by ? 6 · 0⤊ 0⤋
Would you want to pay for your parents funeral expenses? Its better to get life insurance no matter if you have children or not. It's important that you don't leave that financial burden of your funeral expenses to someone else. Also you are locked into the premium however if you do get married or have children you should consider a policy increase due to the fact that you will need to leave behind some type of income to your grieving wife and/or kids...
2007-10-16 16:25:36 · answer #4 · answered by C O 2 · 0⤊ 0⤋
If no one depends on your income/assets for support, you really do not have a need for life insurance.
Yes, you have locked in your current age premium, but consider this: if you plan on having a family in the future, get a rough idea of the age you would be when you do this and take a look at quotes based on that age to see what kind of savings you are getting...but also keep in mind how much you paid during those years for something not needed.
The only caveat to this is that you never know what your future will be healthwise and whether you will qualify for coverage in the future.
2007-10-16 10:49:45 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It does matter. First, having life insurance is good in the event of your untimely death, kids or not, someone will need to cover expenses. Secondly, the older you are when you try to get life insurance the more likely you are to have health problems and trouble locking in those lower premiums. Just think of it like your car insurance, you hope you never have a wreck, but you'll be glad to have that insurance if you do! I'd hang onto that premium if I were you.
2007-10-16 09:37:43 · answer #6 · answered by Kathy L 1 · 0⤊ 0⤋
Life insurance seems llike a no win for a single person.
But it can pay your funeral expenses and medical bills if you die.
Also, if you end up with an illness that makes you uninsurable, getting insurance while you were healthy will look smart.
That may become important if you do get married and have children. Leaving a spouse with kids to raise is an expensive proposition and the insurance could provide a level of income replacement (if it is more than your medical bills/costs of funeral). If you become uninsurable, then you may not have that option.
Locking in coverage may be more important than locking in a rate.
2007-10-16 11:10:42 · answer #7 · answered by BAL 5 · 1⤊ 0⤋
There are several comparison sites but I liked this one to get quotes for free: HELP-INSURE.NET
2014-05-16 07:31:36 · answer #8 · answered by Anonymous · 3⤊ 0⤋
look at it this way...you plan to marry one day? you plan to have a family one day? so why not have everything on place already.
Also, life insurance is like car insurance we need it but we don't.
Also, you said something about being locked in a premium...doesn't sound like a promising policy. I work in the area insurance and of course many agents want to reel ya in and say here is one for ya, w/o telling you ways to get out of it later in life b/c you beome self insured and don't need to pay a premium.
2007-10-16 18:58:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes you should. My uncle died suddenly, and left an absolute mess behind. I don't even want to think about what would have happened if he didn't have life insurance! Think about the people you'll be leaving behind...It wouldn't be too bad if you had all your affairs together, but if you drop before your time, chances are you won't. Life insurance: always a good idea!
--edit-- Btw, he was relatively young and single; funerals these days cost about $10,000 - do you want anyone else to have to pay for that, wouldn't you rather pay for it with your life insurance?
2007-10-16 09:36:40 · answer #10 · answered by Daewen 3 · 0⤊ 0⤋