Comments on: Why You Might Not Want to Wait Until You’re Married With Children to Get Life Insurance http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance Helping a unique generation achieve financial independence. Sat, 31 Jul 2010 03:29:55 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: 44 Ways to Ruin Your Financial Life By Age 30 | nothing to see here http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-133699 44 Ways to Ruin Your Financial Life By Age 30 | nothing to see here Sun, 16 May 2010 17:28:23 +0000 http://genxfinance.com/?p=1845#comment-133699 [...] 21. Turn down cheap life insurance because you don’t have dependents. If you die without dependents, someone may not be counting on your income, but it will still cost money to settle your final expenses. Don’t transfer that burden to your parents, or a close friend, because you were too cheap to pay a small premium for affordable life insurance. [...] [...] 21. Turn down cheap life insurance because you don’t have dependents. If you die without dependents, someone may not be counting on your income, but it will still cost money to settle your final expenses. Don’t transfer that burden to your parents, or a close friend, because you were too cheap to pay a small premium for affordable life insurance. [...]

]]> By: 44 Ways to Ruin Your Financial Life By Age 30 http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-132745 44 Ways to Ruin Your Financial Life By Age 30 Mon, 03 May 2010 09:03:24 +0000 http://genxfinance.com/?p=1845#comment-132745 [...] 21. Turn down cheap life insurance because you don’t have dependents. If you die without dependents, someone may not be counting on your income, but it will still cost money to settle your final expenses. Don’t transfer that burden to your parents, or a close friend, because you were too cheap to pay a small premium for affordable life insurance. [...] [...] 21. Turn down cheap life insurance because you don’t have dependents. If you die without dependents, someone may not be counting on your income, but it will still cost money to settle your final expenses. Don’t transfer that burden to your parents, or a close friend, because you were too cheap to pay a small premium for affordable life insurance. [...]

]]> By: brad@northwesternmutual http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123524 brad@northwesternmutual Tue, 22 Dec 2009 21:32:49 +0000 http://genxfinance.com/?p=1845#comment-123524 This is a great post, Jeremy. It’s always important to consider your long-term goals as soon as possible, married or not. Let’s say, some day, a working woman wants to help protect her future family with a $500,000 term life insurance policy. That policy may be affordable for her today, but since prices generally increase as she grows older, it may not be affordable for her tomorrow. By waiting, she might fall short of meeting her financial goals. By taking action, she could lock in a fixed rate that works with her budget and her vision. In any case, it’s never too early to start considering long-term financial goals, and it’s never too soon to speak with a financial professional about how to achieve them. This is a great post, Jeremy. It’s always important to consider your long-term goals as soon as possible, married or not. Let’s say, some day, a working woman wants to help protect her future family with a $500,000 term life insurance policy. That policy may be affordable for her today, but since prices generally increase as she grows older, it may not be affordable for her tomorrow. By waiting, she might fall short of meeting her financial goals. By taking action, she could lock in a fixed rate that works with her budget and her vision. In any case, it’s never too early to start considering long-term financial goals, and it’s never too soon to speak with a financial professional about how to achieve them.

]]> By: More Maxed Out Credit Cards | Start Living Frugal http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123487 More Maxed Out Credit Cards | Start Living Frugal Fri, 18 Dec 2009 11:20:47 +0000 http://genxfinance.com/?p=1845#comment-123487 [...] You Might Not Want to Wait Until You’re Married With Children to Get Life Insurance [...] [...] You Might Not Want to Wait Until You’re Married With Children to Get Life Insurance [...]

]]> By: Weekly Roundup: More Maxed Out Credit Cards Edition | Frugal Dad http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123473 Weekly Roundup: More Maxed Out Credit Cards Edition | Frugal Dad Thu, 17 Dec 2009 10:01:38 +0000 http://genxfinance.com/?p=1845#comment-123473 [...] You Might Not Want to Wait Until You’re Married With Children to Get Life Insurance [...] [...] You Might Not Want to Wait Until You’re Married With Children to Get Life Insurance [...]

]]> By: Credit Girl http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123468 Credit Girl Wed, 16 Dec 2009 23:08:24 +0000 http://genxfinance.com/?p=1845#comment-123468 As a young and a single person, the issue of life insurance never really ever came up because I am still young and healthy. However, this article really helped me weigh the pros and cons of life insurance at a young age and I think that I may have to start considering this once I reach my 30s. As a young and a single person, the issue of life insurance never really ever came up because I am still young and healthy. However, this article really helped me weigh the pros and cons of life insurance at a young age and I think that I may have to start considering this once I reach my 30s.

]]> By: Honey http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123462 Honey Wed, 16 Dec 2009 16:16:28 +0000 http://genxfinance.com/?p=1845#comment-123462 I bought a package that has term components but will transition to a whole life policy over the course of years. I bought this when I was 28, not married (though in LTR), no plans to have kids. Why would I buy life insurance? Why would I buy whole (which I have never seen recommended anywhere)? Because my mom died of a long term illness that is similar to MS or Parkinson's, and I have a 50% chance of having the same. She died when she was 46, so compared to other folks I have a very high chance of being totally uninsurable later (this is also why I am desperate for the health care reform to pass - I want to be able to change jobs, which may mean being unemployed at some stages of my life, and I want to know I would be covered and couldn't be charged more). I have short- and long-term disability through my work, and also a supplemental disability policy through my life insurance package. I will also get long-term care insurance at some point, but even if I'm unable to get that for health reasons later, I want to know that whatever my medical costs might be, they would be paid for after my debt and my boyfriend (who will be my husband) would not be financially burdened. I bought a package that has term components but will transition to a whole life policy over the course of years. I bought this when I was 28, not married (though in LTR), no plans to have kids.

Why would I buy life insurance? Why would I buy whole (which I have never seen recommended anywhere)? Because my mom died of a long term illness that is similar to MS or Parkinson’s, and I have a 50% chance of having the same. She died when she was 46, so compared to other folks I have a very high chance of being totally uninsurable later (this is also why I am desperate for the health care reform to pass – I want to be able to change jobs, which may mean being unemployed at some stages of my life, and I want to know I would be covered and couldn’t be charged more).

I have short- and long-term disability through my work, and also a supplemental disability policy through my life insurance package. I will also get long-term care insurance at some point, but even if I’m unable to get that for health reasons later, I want to know that whatever my medical costs might be, they would be paid for after my debt and my boyfriend (who will be my husband) would not be financially burdened.

]]> By: DS2009 http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123459 DS2009 Wed, 16 Dec 2009 14:45:04 +0000 http://genxfinance.com/?p=1845#comment-123459 I just wanted to give you a different take on your numbers presented in the article. Basically as you get to the 40 and 45 year thresholds the premium is much more expensive to initiate. However, the 25 or 30 yrs old could have put the money into a 6-8% investment and if allocating 525-550/month would have built up a substantial savings after 20 or 15 yrs respectively. For a 25 yr old after 20 yrs, when they are 45 they would have saved $33,205 with a 7% growth rate. This money could then be used to purchase the term life insurance which would take them into later years of their life. I believe that the savings amount would then offset the greater premium for the term life if taken at 45. I just wanted to give you a different take on your numbers presented in the article. Basically as you get to the 40 and 45 year thresholds the premium is much more expensive to initiate. However, the 25 or 30 yrs old could have put the money into a 6-8% investment and if allocating 525-550/month would have built up a substantial savings after 20 or 15 yrs respectively.
For a 25 yr old after 20 yrs, when they are 45 they would have saved $33,205 with a 7% growth rate.

This money could then be used to purchase the term life insurance which would take them into later years of their life. I believe that the savings amount would then offset the greater premium for the term life if taken at 45.

]]> By: Tim Landry http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123458 Tim Landry Wed, 16 Dec 2009 12:23:02 +0000 http://genxfinance.com/?p=1845#comment-123458 To the "Young and single - waste of money" concept - I cannot disagree with the initial thought contained in your comment BUT one of the KEY benefits of youth is USUALLY good health. STRONG suggestion - because I have seen that "good health" vanish far too often and ALWAYS unexpectedly: buy a small amount of life insurance now with the largest guaranteed insurability feature you can find - hopefully enough to let you LATER buy AT LEAST $1,000,000 of insurance. This does two things now - one not very important and one PACIFIC OCEAN HUGE - provides life insurance now at a VERY LOW cost and PROTECTS YOUR INSURABILITY FOR LATER so you CAN buy it when you need it. Diabetes is FLOODING the worlld - diabetes virtually guarantees you cannot get "standard" insurance - and insulin dependent diabetes ELIMINATES standard insurance To the “Young and single – waste of money” concept – I cannot disagree with the initial thought contained in your comment BUT one of the KEY benefits of youth is USUALLY good health. STRONG suggestion – because I have seen that “good health” vanish far too often and ALWAYS unexpectedly: buy a small amount of life insurance now with the largest guaranteed insurability feature you can find – hopefully enough to let you LATER buy AT LEAST $1,000,000 of insurance. This does two things now – one not very important and one PACIFIC OCEAN HUGE – provides life insurance now at a VERY LOW cost and PROTECTS YOUR INSURABILITY FOR LATER so you CAN buy it when you need it. Diabetes is FLOODING the worlld – diabetes virtually guarantees you cannot get “standard” insurance – and insulin dependent diabetes ELIMINATES standard insurance

]]> By: Tim Landry http://genxfinance.com/2009/12/15/why-you-might-not-want-to-wait-until-youre-married-with-children-to-get-life-insurance/comment-page-1/#comment-123447 Tim Landry Tue, 15 Dec 2009 21:22:01 +0000 http://genxfinance.com/?p=1845#comment-123447 First and foremost - I am NOT a Life Insurance agent - I am licensed to sell it because where I live just having an Accident and Sickness Insurance License is not an option - but I specialize in Disability Insurance - Critical Illness and Long Term Care Insurance. If you buy life insurance thinking you will not need it later in life, you are almost certainly making a HUGE mistake. The people who are the most successful investors are those who need life insurance the most. It is BY FAR the most efficient way to pay whatever taxes fall due on death - to cover the costs related to business transfers - etc. The number of life insurance sales made to people in their 70's and 80's is HUGE - and ALL of these people have been successful in life. If you are NOT successful, you will not need life insurance - BUT IF YOU ARE, YOU WILL.I know (GD DO I EVER) know all the objections to permanent life insurance. YES - term is a cost effective solution while you are raising your kids and growing your estate - but the more successfully you grow that estate, the more you will need permament insurance. First and foremost – I am NOT a Life Insurance agent – I am licensed to sell it because where I live just having an Accident and Sickness Insurance License is not an option – but I specialize in Disability Insurance – Critical Illness and Long Term Care Insurance. If you buy life insurance thinking you will not need it later in life, you are almost certainly making a HUGE mistake. The people who are the most successful investors are those who need life insurance the most. It is BY FAR the most efficient way to pay whatever taxes fall due on death – to cover the costs related to business transfers – etc. The number of life insurance sales made to people in their 70’s and 80’s is HUGE – and ALL of these people have been successful in life. If you are NOT successful, you will not need life insurance – BUT IF YOU ARE, YOU WILL.I know (GD DO I EVER) know all the objections to permanent life insurance. YES – term is a cost effective solution while you are raising your kids and growing your estate – but the more successfully you grow that estate, the more you will need permament insurance.

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