What is the best life insurance for someone in their early twenties?
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6 Responses
2.1.2010
Best Answer – Chosen by Voters The least expensive is term insurance. It will not accumulate cash value, it only has a death benefit. At your age, you can get quite a large policy for very little money.
2.1.2010
It depends on what the need is for. If you are looking to protect something that will go away within the next 30 years (IE: mortgage debt, making sure your kids are taken care of until they are old enough to do so themselves), then term is the way to go.If you are looking to make sure your family isn't stuck with the costs of your funeral, final taxes, estate taxes, etc, no matter when you die or if you are providing for a need that will not go away (leaving money to charity, leaving something for the kids as a gift, etc), then whole life is the way to go.If you are in your early 20s, whole life will also be fairly cheap.your best bet is to contact an insurance broker who has access to both through multiple companies. That way you can get unbiased advice and access to the best products on the market. If you are dealing with someone who only promotes one strategey, or only has access to one companies products they will promote what they have and try to sqeeze a square peg into a round hole. A captive agent/solo strategey salesman wants to sell you their policy, so they will tell you what they need to to make your situation fit the mold. A broker just wants to sell you any policy, so they will do what is best for your situation. Source(s): financial advisor
2.1.2010
If you are looking for life insurance for your early years, term life insurance may be an option to consider.Term life insurance is temporary life insurance protection for a specific period of time, from 1-30 years.Many term plans are available for period of 10, 15, 20, or 30 years.Term life builds no cash value within the policy.Term life is usually 2-3 times less costly than permanent life insurance, because it is temporary, and builds no cash value.If you outlive the term of your policy, your coverage expires.Level term life insurance offers guaranteed level rates and coverage for up to 30 years. Source(s): http://www.term-life-online.com
2.1.2010
Do you know what type of life insurance to buy? This is one of the main reasons that some people avoid purchasing a policy. They want insurance, but are afraid that they will do the wrong thing and end up harming their family as opposed to doing them good. This is a legitimate concern, but it should not hold you back. If you do not know what to buy, do some research online to learn more about life insurance and what is best for you and your family. Soon enough you will have a better feel for the life insurance industry which will make it easier on you when it comes time to make a decision on what to buy.I found an excellent site that helps you find the kind of life insurance that fulfills your requirments and takes into consideration your pocket.Try it out to get the latest and best quotes:http://www.2insure4less.com/?s=234258&g=…
2.1.2010
Big question. No short answer.If your cash flow allows it, permanent life insurance such as whole life or universal life can work out well. If you do get whole life, get it from a large mutual life insurance company with a great track record and strong financial ratings. I have mine with Guardian Life.
2.1.2010
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