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Old 11-08-2008, 12:20 PM
 
Location: Vermont
5,439 posts, read 16,857,672 times
Reputation: 2651

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not to be depressing but i wonder if the younger people have life insurance?

i am 28, i work, wife doesn't work right now. no kids. we owe 300k on the house. I feel like i should at least get a 300k policy that would cover the house for now. first quote i got was $60/month, seemed high but i have nothing to compare it to.

if we have kids then obviously i would want that to be much more...

is it "Term life" that i want?

On another note, I wrote down in a text file that my wife would find on my computer (and printed it out also, and put it in our fire safe) information about all of the various bank accounts, bills and how they are paid, etc. it would hopefully make life easier in the case something bad would happen...
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Old 11-08-2008, 12:46 PM
 
Location: New Jersey
11,339 posts, read 16,695,644 times
Reputation: 13352
Quote:
Originally Posted by joe moving View Post
not to be depressing but i wonder if the younger people have life insurance?

i am 28, i work, wife doesn't work right now. no kids. we owe 300k on the house. I feel like i should at least get a 300k policy that would cover the house for now. first quote i got was $60/month, seemed high but i have nothing to compare it to.

if we have kids then obviously i would want that to be much more...

is it "Term life" that i want?

On another note, I wrote down in a text file that my wife would find on my computer (and printed it out also, and put it in our fire safe) information about all of the various bank accounts, bills and how they are paid, etc. it would hopefully make life easier in the case something bad would happen...

I would suggest a term policy for the amount of $300,000 and $60 a month does seem high.

I'm sure you can do some online comparisons of different Life Insurance Co.
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Old 11-08-2008, 12:52 PM
 
Location: Central NJ
517 posts, read 1,806,218 times
Reputation: 176
Quote:
Originally Posted by joe moving View Post
not to be depressing but i wonder if the younger people have life insurance?

i am 28, i work, wife doesn't work right now. no kids. we owe 300k on the house. I feel like i should at least get a 300k policy that would cover the house for now. first quote i got was $60/month, seemed high but i have nothing to compare it to.

if we have kids then obviously i would want that to be much more...

is it "Term life" that i want?

On another note, I wrote down in a text file that my wife would find on my computer (and printed it out also, and put it in our fire safe) information about all of the various bank accounts, bills and how they are paid, etc. it would hopefully make life easier in the case something bad would happen...
I listen to Suze Orman on Saturday nights on MSNBC- CHECK her out.

SUZE SAYS
  • I HATE WHOLE LIFE INSURANCE
  • I HATE UNIVERSAL LIFE INSURANCE
  • I HATE VARIABLE LIFE INSURANCE
  • THE ONLY TYPE I LIKE – FOR THE PURPOSES FOR INSURING YOUR LIFE – IS TERM INSURANCE!
  • If you are smart with the money you have today and you get rid of your mortgages, car loans and credit card debt and put money into retirement plans you don’t need insurance 30 years from now to protect your family when you die.
Insurance

Hope that helps!
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Old 11-08-2008, 12:58 PM
 
111 posts, read 416,656 times
Reputation: 55
I would suggest Term Insurance as well. It's cheaper than whole life. Get a term policy that would cover the amount of your house until it can be paid off.
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Old 11-08-2008, 01:26 PM
 
5,969 posts, read 9,557,279 times
Reputation: 1614
The best is to have a combination of both term life and Universal or Whole Life. This way you are protected in the short and long term.
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Old 11-08-2008, 02:17 PM
 
Location: Vermont
5,439 posts, read 16,857,672 times
Reputation: 2651
I guess I have some research to do.
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Old 11-08-2008, 03:33 PM
 
Location: Cranford NJ
1,049 posts, read 4,019,357 times
Reputation: 405
Whole life insurance is a savings plan for your children. You can't beat the return rate. Whole life WILL pay. Term life ( I hope NOT )....
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Old 11-08-2008, 03:50 PM
 
Location: Central NJ
517 posts, read 1,806,218 times
Reputation: 176
Seriously, watch Suze tonight on MSNBC starting at 8-12. One hr. shows, they repeat again at midnight. 8:00 show is new, next ones are repeats. There is usually 1 or more insurance questions- she explains things in everyday language.

Also, make sure you click on her link- I posted it above at 2:52-Insurance. She has alot of good money info on her site.
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Old 11-08-2008, 04:26 PM
 
3,269 posts, read 9,933,144 times
Reputation: 2025
Good for you for planning! $60 sounds high for term. Whatever you do, don't buy anything but term. Not whole, not universal, just term. Unless you are VERY wealthy, anything but term is a suckers game. You will hear how it's good savings for your (future) kids or "forced savings" but it's a huge scam when you look at results / fees vs what your money could do elsewhere.
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Old 11-08-2008, 04:28 PM
 
Location: Mount Laurel
4,187 posts, read 11,926,019 times
Reputation: 3514
You stated that you work. Do you currently have life insurance offered by your employer? If no, talk to HR and asked whether you could and the rate. Getting term life through employer plan are usually cheaper and they may cover the min coverage.

The only thing you have to be careful with getting term life through employer's plan is you need to find out if it's portable. In other words, can you keep it after you leave your employer. Term life rate are set up based on X number of years. At your age, it make sense to get a 25 years term. The rate will be higher than a 20 year but you will be in good position if you do decide to have kids 5 years from now.

Life insurance are necesary if you don't want to leave your love one with financial burdern. Get what is necessary but not more. I am not a big fan of whole life. I rather invest the difference myself. Whole life are good for those not discipline in saving.
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