When to Get Life Insurance

Discussion in Life & Health Insurance started by vida_llevares • Jan 27, 2013.

  1. vida_llevares

    vida_llevaresActive Member

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    Hi.

    Is there such a thing as an advisable age wherein you should already get life insurance?
     
  2. pafjlh

    pafjlhActive Member

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    You know to be honest I think everyone needs life insurance at any age. I remember my parents making sure their kids have the school life insurance plan. Unfortunately most schools don't offer life insurance plans any longer. I know most people don't think of insuring kids as being important, but I can't begin to count how many car washes I have seen on weekends to try to raise money for a child's funeral. But I realize that getting a kid insured is at the discretion of their parents.

    However, when it comes to any adult, I think it very important that they have life insurance. I remember the tragedy of 9/11 and how many of these young people who lost their lives didn't have life insurance. Some of them were married and even had kids. To me this is definitely a deal breaker when you decide to marry an start a family you really need to have life insurance to take care of your loved ones if something happens to you.
     
  3. Parker

    ParkerWell-Known Member

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    The best time to get life insurance is if someone else depends on your income. Newly married couples and the birth of a child are what comes to mind. It's best to get insurance when you're young and healthy. The rates will be a lot lower than when you're a bit older and have developed some medical conditions.
     
  4. tommymac

    tommymacActive Member

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    False. Life insurance isn't only for recovery of income after death. It's also for funeral expenses. The average cost of a funeral is $7,000. So, if you expect someone to buy you after you die, you need to get life insurance.
     
  5. Pat

    PatWell-Known Member

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    Ideally life insurance is purchased when a person is young and healthy. Insurance purchased for children when they are born protects the child's ability to purchase insurance if the child develops a health issue before they becomes an adult. The cost of insurance does go up as a person matures and is still healthy. If a person becomes ill they may not be able to get insurance at a price that they can afford if at all.

    Life insurance that builds a cash value can also be used to get a loan when needed.
     
  6. jovan107

    jovan107Active Member

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    My parents first purchased life insurance for their children and themselves when we were very young. At the time I thought they were crazy, but as I got older I realized what they were doing. I believe life insurance is very important. One of my former coworkers passed away and their life insurance took care of the cost of their funeral.
     
  7. Parker

    ParkerWell-Known Member

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    True. It's wise to purchase a Final Expense policy to cover the cost of burying or cremation. But those services can also be paid for in advance. My dad paid for his cremation years before he died. It was a heck of a lot cheaper too. My mom has already paid for her funeral plot and expenses.
     
  8. Jessi

    Jessi<a href="http://www.quirkycookery.com">QuirkyCooke

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    As others said, basically, the sooner the better. We all know that there are tons of ways for us to die....not just of old age. It can be a huge burden on a family to cover funeral and burial expenses.
     
  9. thenextGeek

    thenextGeekActive Member

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    The younger that you get a life insurance the better. I'm still 18 years old (will be turning 19 on September this 2013) and I already have my own life insurance. I got a VUL which is also a kind of investment as well as an insurance. I haven't told my parents about it yet and I'm only planning on telling them when I finish paying my insurance.
     
  10. Traveller

    TravellerMember

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    It can be taken any time, the sooner is the best. Because every life is valuable though I know that the policy money is not worth of the life but every penny counts
     
  11. footballtim

    footballtimActive Member

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    My wife is disabled and receives SSI benefits, and I will retire several years from now. However, one of those incomes really is not enough to live on, so we have a life insurance policy to benefit her in the event that I die first, and we will soon get one to benefit me in the event that she dies first.
     
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