Comments on: When Should I Buy A Life Insurance Policy? Should I Wait Until I Have Children Or Dependents?

By: Thinking Ahead with Life Insurance

Thinking Ahead with Life Insurance — Thu, 25 Feb 2010 06:28:31 +0000

[...] good resource, found on Bible Money Matters that explains When Should I Buy Life Insurance? It breaks down the different aspects of life insurance. It seems that everyone is in agreement that [...]

By: Finding The Best Life Insurance For Your Needs - Amateur Asset Allocator

Finding The Best Life Insurance For Your Needs - Amateur Asset Allocator — Sun, 20 Dec 2009 15:48:49 +0000

[...] your needs (not to mention the importance of determining when exactly it’s appropriate to start considering life insurance). Here are a few tips to help you in your search for the best life [...]

By: Should You Buy Life Insurance at an Early Age?

Should You Buy Life Insurance at an Early Age? — Thu, 05 Nov 2009 04:24:45 +0000

[...] Americans shop for a life insurance policy in the middle of their life spans – when they are in their forties or fifties. At that [...]

By: Financial Samurai

Financial Samurai — Sun, 11 Oct 2009 00:12:11 +0000

Buy Life insurance if you have a considerable amount of debt so your relatives aren’t saddled with your obligations.
Financial Samurai´s last post ..We’re Ignorant Idiots! Please Tell Us Why A Flat Tax Is Not Fair.

By: Ethan

Ethan — Fri, 09 Oct 2009 22:06:53 +0000

I am of the opinion that everyone should buy several hundred thousand dollars of life insurance as early in life as they possible can. It doesn’t matter if you don’t have a spouse or dependents yet – you are very likely to eventually. Buying term life at age 18-20 isn’t about the insurance, bit’s about insurability. The list of things that can drive your life insurance costs through the roof or even make you un-insurable is long and likely:

Most any major health problem
Some relatively minor health problems
Any mental health problems or counseling
Any recreational drug use
Major moving violations
Some relatively minor moving violations
Becoming even moderately overweight
Developing high blood pressure
Developing high colesterol

How many of those things happen between the age of 20 and the age of 30? I’m guessing about 5 out of 9, for the average individual. One catch: if you do buy at age 20, try to find a 40-year term policy. A few companies have offered them. The safe bet is to try to cover yourself to retirement, but the market isn’t geared toward young buyers so you have to shop around. A $500k 30-year policy when you are 20 years old and perfectly healthy shouldn’t cost much more than $20/mo.

By: Craig

Craig — Fri, 09 Oct 2009 13:41:49 +0000

Thanks, this is a question I have dealt with and have asked others about cause I am younger and really have no need for it since I only take care of myself. Something to look into though maybe in a few years to try to start earlier to get better deals like mentioned.