Should You Buy Life Insurance When You're Young?

Discussion in Life & Health Insurance started by LindaKay • Mar 19, 2014.

  1. LindaKay

    LindaKayActive Member

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    I'm only 25 years old and have thought about buying a term life insurance policy. I doubt I'll die any time soon -- I certainly hope not, anyway -- but coverage is cheap for someone my age. Very cheap, actually. Do you think younger people should buy life insurance?
     
  2. Lostvalleyguy

    LostvalleyguyActive Member

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    You buy life insurance to make sure you don't place a burden on your loved ones by leaving a big debt in the event that something should happen to you. If you are marries and have children, then - YES - you should carry life insurance even if you don't work for a living because someone will need to take care of the kids if you are unable to do so. If you have a mortgage you should have life insurance to ensure you don't leave a spouse with the burned of paying it off alone. If you are single, and have no dependents, you probably do not need it unless you want a little to cover funeral expenses.
    You know what your situation is, but as a rule, you need it if you have people depending on your salary.
     
  3. Happyflowerlady

    HappyflowerladyWell-Known Member

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    You should buy life insurance while you are young; but not term life. At your age, you should get a whole life policy, for just enough to cover final expenses, not a $50,000 policy or something like that. Since the premium doesn't go up as you get older, you will always be paying for the premiums of a person the age you are right now. if an emergency comes up, and you need cash, you can borrow from the policy, and then pay it back as you can afford it.
    When you have a house and family, then it is good to get some term insurance to provide for them if something happens to you.
     
  4. Pat

    PatWell-Known Member

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    You want to purchase life insurance at a younger age for several reason, 1) it is less expensive, 2) you are healthy and get the insurance once you get sick you can not get the insurance or it may cost much higher 3) Cash value builds while you are paying the premium which you can borrow at a later date to use for something you planned for. Purchasing insurance is a good way to plan for later purchases like college, home or a dream trip.
     
  5. nash22

    nash22Active Member

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    Definitely should have life insurance today. My mom always tells me that if I don't have life insurance it would put in her a financial crisis if something happens. And she would have to be the one who struggles to pay for the cost. But I jokingly told her I would rather have health insurance than life insurance at least I can get help anytime and keep myself healthy without having to pay so I wouldn't have to be in that position no time soon. But I've had it since I was baby though.
     
  6. Thejamal

    ThejamalActive Member

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    Life insurance is something everyone should have tbh. Being young doesn't make us immune to the unexpected tragedy which can happen. Also, as others have pointed out, it's much cheaper to get life insurance when you're younger. While it may seem like a waste of an expense, it's something that people that's a needed expense.
     
  7. deathbyprayer

    deathbyprayerActive Member

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    You buy life insurance to assure that if in any circumstance that you die, the ones that you will be leaving won't be having that much problem when it comes to financial support. If you're married or you have kids then it might be a great idea but if you're single and have nobody relying on you for sustenance then I guess you won't need it as much. It really depends on where you're standing now.
     
  8. lovemwaf

    lovemwafActive Member

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    I think that life insurance is a must and is very necessary. I would say that being a young person is a good excuse to not really get insurance. But i can see where you are coming from. The reality is that we are all going to die some day, whether it be sooner rather than later. It is inevitable and so hope for the best, but be prepared for the worst. If you have a family, a kid or two on the way then i would certainly say that life insurance is a must for you.
     
  9. Misslisa

    MisslisaMember

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    I think that buying Whole Life insurance when your young is the best bet! Your premium is always low and you know what to expect from year-to-year. In addition, you don't have to worry about tour policy having to be cancel because the premium is skyrocketing because of your age or health.
     
  10. Happyflowerlady

    HappyflowerladyWell-Known Member

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    Most young people are more apt to die from some sort of an accident then from being sick. Yes, health insuracne is an important thing for parents to have for the family; but that doesn't do much good if you are in a car accident, or out swimming and drown.
    Just a small policy is all that you need as long as you don't have a family to care for.
    Once you have children, then some temporary term insirance is also a good idea.
    The small whole life policy would pay out a lot faster than the large policy; so it is something that is good to always have, regardless of what other insurance you may carry.
     
  11. tulosai

    tulosaiActive Member

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    I honestly don't agree with a lot of the replies. If you don't have anyone depending on your salary (i.e. if you are not married or seriously partnered and you also don't have kids) there is really no need to have life insurance. The only exception to this is if you don't have enough saved to cover funeral expenses in the event that you die, and it would be a burden to your family to cover these expenses OR if you have debts you can't pay that won't go away if you die (student loan and some other debt just goes away). In that case, you should get a small small policy that is only enough to cover funeral expenses and/or debts that won't be discharged in the event that you die.

    Once you are married and especially once you have kids, though, the whole equation changes and you need life insurance.
     
  12. Happyflowerlady

    HappyflowerladyWell-Known Member

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    One never knows what the expenses will be if you die. Even when you have a savings account and enough money in it for burial expenses, that might not cover it.
    Something could happen when you are on a trip, and you might be in the hospital while they are trying to keep you alive (not cheap !), and if you have not set up the savings account so that someone else has immediate access to the money; it will probably not make it through probate in time to be there when it is needed.
    Also, many of the life policies nowdays have a clause in them that if you become terminally ill, you can cash the policy in to help with care expenses that are not covered by your health insurance.
     
  13. pafjlh

    pafjlhActive Member

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    You are now a legal adult and as a legal adult yes you should have life insurance. Don't delude yourself thinking that just because you are young and healthy nothing can happen to you. There were many young individuals in their twenties who were working in the World Trade Center on 9/11 who lost their lives that fateful day. Unfortunately, many of them didn't have life insurance. The thing that floored me was that some were married with kids. For me that is a deal breaker, its one thing for a single young person to walk around thinking they are invincible and not having life insurance, but when someone gets married they really need to think about life insurance.

    Sorry, to be a downer here, but the bottom line is anyone who is an adult needs to have life insurance. For that matter kids should have life insurance, I can't begin to count how many car washes I see down the street on weekends to raise money for the funeral of a kid all because there was no insurance for the kids. Bottom line death isn't just reserved for the elderly and the unhealthy. Unfortunately all of us are going to die and none of us know when.
     
  14. Pat

    PatWell-Known Member

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    There is a site LifeHappens.org that explains all the good reasons why a person should have insurance and is a very good educational site to answer any questions anyon may have concerning any insurance. I agree pafjll1 that children should also have insurance not only because of car accidents but because a young person may have a health issue later that would not allow them to purchase insurance later. If they have insurance already it will not matter what their health condition is they will have the needed insurance as long as it is paid monthly.
     
  15. RobertNick

    RobertNickMember

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    As a 19 year old, I feel that life insurance is at most advantage when you have a certain financial security, which most young people don't really have. What people always fail to see is that life insurance is not an investment. Life insurance is never an investment. If you need to save for retirement try a 401K or other investments in a mutual fund or some other investments.
     
  16. ExpertAdvice

    ExpertAdviceActive Member

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    It is wise and good to start a life insurance when you are young. It is not so wise and to start an insurance policy when you are over 40, It is better to start everything when you are young. The irony of life though is that you won't enjoy your riches while you are young, it is when you get old that you find that you are most desirous of enjoying your wealth!
     
  17. DrRipley

    DrRipleyExpert

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    I think it's good to buy this as early as possible since as you've mentioned it's very cheap when you are younger. If you have extra funds it's certainly a good option to put your money in since it's always good to have as much safety nets as you can afford so you don't end up scuffling for one once you are older.
     
  18. radzi

    radziActive Member

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    I don't think it's a good idea at all. I think one day there could be an economical crash, currency loses value, it's not even worth it. I don't think anything to do with money is worth it, spend it when you can for useful things, save it for when you need it, if you're gone, you don't know if the economy would of crashed 5 days later.
     
  19. Ellenjan

    EllenjanNew Member

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    For me, it's a good idea buying and insurance policy at the age of 25 because a lot could happen to us. Like the an expected situation ins our daily life.
     
  20. explorerx7

    explorerx7Active Member

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    It's very prudent buying a life insurance policy at age 25. Being so young you will be able to acquire higher benefits at a cheaper rate.
    It would be wise to include features such as investment, coverage for loss of limbs, coverage in the event of critical illness, and coverage for loss of income, and life coverage.
    These benefits may save you and your family from distress if anything adverse should happen to you in the future.
     
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