I’m 27 Years Old And Single.do I Need A Term Life Insurance? If So, What R The Pros & Cons Of Term Life Insura?
Posted October 31, 2009 – 4:26 pm in: term life insuranceCompletely depends on why you feel you need insurance?
Do you have debts?
Do you have dependants? Kids? Spouse?
Do you plan on having a large estate (need a tax shelter?)?
Are you looking at making a charitable donation or something?
Just looking at covering funeral costs and final expenses?
It’s tough to go over the pros vs. cons without knowing why you want it in the first place.
For example: One con of term insurance is that it eventually will expire at age 80 or 85. If you’re only looking for coverage for 5 or 10 years then it’s irrelevant what happens after 5 or 10 years.
One thing to consider is that at your age, Whole Life would be fairly inexpensive. Again….depends on why you want the insurance to begin with….
Best bet is to go to an insurance broker (someone that deals with multiple companies for whole life and term insurance) and explain your situation to him/her. They will be able to assess what you need and will be able to explain the pros and cons of both that are relevant to your situation. Most brokers work on straight commission so they only get paid when they make a sale…what this means to you is that you get advice from liscensed qualified professionals for free. Why not take free good advice?
6 Comments
No one NEEDS life insurance… see, when you die, it doesn’t pay YOU anything, just to your beneficiaries. But, if you get married, have kids or want to save money fairly painlessly, then you need life insurance to provide for your family and your future.
I suggest you contact a good life insurance (which really should be called “death insurance”) agent, set up a meeting with him and have him go over all the benefits and cons of both whole life and term. Get your information from an expert (just remember, he wants to sell you SOMETHING or he won’t earn anything).
That’s like asking, I’m 27 and single, do I need a table saw?
If you don’t have a job, that you need the tool to DO, you don’t need the tool. Life insurance, even term life insurance, is a financial TOOL.
FIRST, set the goal, THEN, select the best tool to accomplish that goal.
If you have no dependents, then what would the insurance be for? If you are planning to have a family, then they should be provided for with insurance to cover your income should it be lost. The only advantage of a term life policy now is the lower rate because of your age.
Hi, I think the first part of your question has been well-answered already. As far as the second part, you can learn more about the pros/cons of term life insurance here: http://www.life-insurance-quoter.com/aff…
Call an insurance broker, explain your situation and they’ll let you know. And, if you have a table saw your need for life insurance increases….they’re dangerous.http://www.InsurancePickle.com
hey…. in my view u need insurance and even my boy friend is of ur age… he got that thru online itself… we have got the pros and cons of life insurance from internet itself… check it out.. lemme know whether its useful or not … good luck dear !