I am 29 years old married with a child. I was wondering if it was time to invest in life insurance, I never really planned on falling over dead. I did have a "close call" at work to get me thinking about it........
I myself wouldn't use the word "investment" at the same time as life insurance. Term life insurance provides protection only. There are lots of other variations that also include an investment aspect. You need enough of the cheapest term insurance you can find to replace your income until the child is old enough to be on their own and whatever support your wife would need.
Only buy term life insurance - stay far away from rip off "whole life". And yes you should buy some YESTERDAY. You have a child...come on!!
I think term insurance can be shopped online with price as the major (only?) consideration. I don't believe self employment is a large issue; it's your health that matters. Smoking, family history of problems, etc. I think many large companies have local companies that do physicals for them. You want the largest guranteed renewable term you need and can afford.
Yes I think I might get some. Does anyone have a plan now? what are questions I need to ask when applying?
Think of it this way, if you are going to die, it will happen independent of if you have insurance or not. Why are you going to do it for free? At least get paid for it. You have a child, so get a life insurance. This is the responsible thing to do.
I've been thinking about getting life insurance to. The insurance agent just came by yesterday and talked to me. But I found him to be kind of annoying, and I don't like the fact that when I called their office, they said 64 bucks a month was cool but then asked for 81 bucks a month. I'm singe without children, and I will probably never have any. Therefore, I'm thinking about not getting insurance. But I've already signed a bunch of paper work, so I don't know.
Yes, that is way high I think, you should be able to get something 500k + for 30 bucks or so a month I would guess.... I've heard ZanderIns.com is a great place to get quotes...
Get enough insurance to cover things you believe you need to get covered: Mortgage - paid off? unsecured debts - definitely $ for investments to keep up the lifestyle for your wife and kids You need to make a plan to see how much you need. Currently have 500k coverage, which in my case isn't enough to help any kids for college if my wife needs any of it to get by. I told her not to pay off the house but to get help investing it, in a way that way pay the mortgage plus.
Not only should you think Insurance, but college funds for the kid.. you could invest in Mutual funds or individual stocks (depending on your experience, mutual if next to none xp) start with $50 a month and add yearly if possible.
yes, great points. Also a general "rule" is you should have insurance coverage equal to 8 to 10 times your annual income.
Hi jason, I became ill early last summer, I was afraid to go to the doctor just incase I had some sickness in me. What hurts is during that time I didn’t have insurance. We are all aware that if you try to get insurance with a pre-existing condition, well obviously, your application would be rejected. So being sick as I was, I refused to see a doctor. And as a self-employed individual with children and a housewife, being able to afford insurance was hard. So I shopped around on the net for health insurance. The traditional way of finding insurance was to call brokers and agents, but that was very time consuming. Anyways after finding this insurance website, they were able to get all the quotes of major insurance companies in so I can compare. Worked out pretty slick. I decided to get the 20/80 plan. As I waited for my physical I applied through the same company for life insurance to secure my family. The life insurance became effective immediately as soon as they received my payment. A week after taking my physical, the insurance company wrote me and told me I was approved for insurance. So not to be obvious, I waited another 2 weeks before seeing a doctor. Anyways, after seeing the doctor with some tests which include but not limited to MRI, ECG and numerous amount of blood tests the doctor concluded that there was nothing wrong with me. He stated that it seem like I was just under a lot of stress and prescribed me some medications to temporary treat my anxiety. Anyways what I am trying to get at is that for those of you who don’t have insurance, don’t wait until you start feeling something before you do. And, if you have children or dependents, I highly recommend getting life insurance. Depending on your age and the amount you want to insure yourself for will determine your premium, regardless of how much, I recommend just getting it. Anyways thought I share my story. By the way the site I visited was insurancepaylite.
The best way of selecting a life insurance policy is to first compare the quotes provided by different life insurance companies and then apply for the best policy.