Comments on: 27, single, no kids, great health, should i get term life insurance?

By: Financial Representative

Financial Representative — Mon, 01 Feb 2010 07:58:29 +0000

Yes, but get life insurance long enough where you have no more debts, no one dependent on your income, and have time to save for retirement.

Base on situation, I recommend getting a 30 year term insurance that is guarantee renewable and is convertible into another term insurance. You don’t want whole life insurance at any point in your life because that is expensive and a waste of money.

You can learn more about whole life insurance here: http://finance1o1.blogspot.com/2008/08/whole-life-insurance.html

While you have term insurance, you should consider investing your money in a Roth IRA. While the market is doing poorly now, it is the best time to invest since the price per shares are very low. That means you can own more shares for your money. While you can’t predict how the market will perform in the future, history has shown that the market has always rebound. The best way to offset your volatility to market fluctuations is by investing using Dollar Cost Averaging http://finance1o1.blogspot.com/2007/03/investing-tip-dollar-cost-averaging.html

By: Kay

Kay — Mon, 01 Feb 2010 07:58:29 +0000

Only life insurance to get would be "Term Life." But who would be your beneficiary? Your insurance agent is simply trying to make his commission.

By: tkahrs12122

tkahrs12122 — Mon, 01 Feb 2010 07:58:29 +0000

Get the policy. It will cover the cost of funeral and debts you leave behind,

By: countrylovin

countrylovin — Mon, 01 Feb 2010 07:58:29 +0000

Put your $ in a Roth IRA instead.

By: mbrcatz

mbrcatz — Mon, 01 Feb 2010 07:58:29 +0000

What’s the GOAL of the insurance?

To buy a product now, just because it’s cheaper, is DUMB if it doesn’t meet one of your financial goals. It’s just like going to Home Depot, and buying power tools, because, of course, they’re cheaper now.

Set the goal first. THEN select the products that meet that goal. You’re being SOLD.

By: src50

src50 — Mon, 01 Feb 2010 07:58:29 +0000

Yes, get level term insurance, but make it a 30 year policy while you are still young and in good health.

By: katiesquilts

katiesquilts — Mon, 01 Feb 2010 07:58:29 +0000

I agree with Country lovin. Put the money in a Roth IRA (or similar set up). At this point, you’re just throwing the money away in a term policy. If you can afford it and really want the insurance, get a whole life policy. Also, does your employer offer you 1x your salary as a benefit? If you’re single, that’s really all you need. Put the extra policy cash in something that will really benefit you in the future!