Expert Q&A

Do I need life insurance?

I’m single, 27 and in good health. I already have great health, dental, and auto insurance policies, and I don’t own a home. Is there any other type of insurance I should get before considering life insurance?


Related Topics: Life and Disability Insurance, Other Insurance
Related Tags: Life Insurance, DETELE, Health Insurance, Dental Insurance, Single
Daniel Joss
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By Daniel Joss - FJY Financial
Answered 12 months ago

Disability. Based on the provided facts, you don’t need life insurance. However, it is 4x more likely that you may become disabled and unable to earn income.

Dante T. Thompson
0 of 1 people found this helpful
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By Dante T. Thompson - The Benefit Center
Answered over 2 years ago

YES!!!!! GET IT WHILE YOU ARE IN GOOD HEALTH

feel free to look at my website or contact me

Dante

Jared J. Balis
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By Jared J. Balis - Altius Health Plans
Answered almost 3 years ago

I’m 33 years old. I do have a spouse and four children. That was a huge motivator for me to get life insurance.

I think it’s important to assess the reason why you’d be getting life insurance. Do you have a spouse, children, or anyone who is financially dependent on you? If so, you probably should consider getting a policy.

If there’s nobody who would be financially impacted by your passing, you may be better off putting that money toward a disability policy, so your income would be protected in the event of a disability.

As Tatiana Rose mentioned, you will pay quite a bit less than someone who is middle aged, or older. In fact, term life insurance policies are very affordable right now. So, if you do see a need, now or in the future, right now is the time to jump on it.

Here’s a reason that you might want to purchase a life insurance policy now, even if there’s no one who would be financially affected by the loss of your income; to protect your insure-ability.

Let’s say you get a $500,000 20 year term policy now. It’s going to be affordable for the next 20 years. In three years, you get married, have three kids, and come down with cancer when you are 40. You’d have the protection already set up when you need it most.

If you don’t buy insurance now, and wait until something bad happens, you will likely be ineligible for coverage. So, since it’s so affordable, you may want to consider buying it to protect your insure-ability.

Jared J. Balis

Thomas Cunningham
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By Thomas Cunningham - Self Employed
Answered almost 3 years ago

While I would certenly encourage you to consider life insurance (many, many, many reasons). To answer the question directly: The next type of insurance I would talk about is disability and critical illness. You didn’t mention that you already have them, and assuming you have no children. Always think of building a solid foundation for your present then look to future needs. If you can’t work then you can’t pay the bills all the other insurance will go out the window along with life insurance if you can’t pay the bills. Disability insures your income if you can’t work due to injury.

Tatiana Rios
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By Tatiana Rios - New York Life
Answered about 3 years ago

I used to think the same way before learning more about my options, I am 30 and single. However, I’ve come to realize that there are many good reasons to get life insurance while you are young, including:


1. You will pay much less than someone who is middle aged or older.

2. While you are young, your health is often better than at a later age, so your health also affects the prices.

3. Permanent life insurance can also be a way for you to have an emergency fund since it accumulates cash value and the longer you leave it in there, the more it accumulates. This fund could also be used towards any needs you may have later on such as college education needs, supplemental retirement funding, supplemental disability funding, etc…

4. You can purchase a smaller policy now, and ask your agent to make sure to include an option to buy more insurance later if you happen to need more insurance later to protect a spouse and children.

If you have any further questions or would like additional details, feel free to email me directly at trios@ft.newyorklife.com

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