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?
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
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.
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: