Should I have a life insurance policy?
Life insurance is a very important tool that can be used to protect your loved ones in the event that something unfortunate should happen to you. If you die, a Life Insurance policy will pay a large sum of money to anyone you choose. This money is meant to replace the years of salary that you will no longer earn because of your unexpected death.
Should I have Life Insurance?
If you have any dependents - yes. A dependent is someone who relies on you for support or aid. In the financial sense, a dependent is someone who depends on your income to provide them what they need to live. Life Insurance will financially provide for your dependents after your death to ensure they do not encounter financial hardship because of your unfortunate passing.
If you do not have dependents - no. Buying Life Insurance in this case is like buying a lottery ticket that only pays out if you die.
I’m single, 29 have no dependants and no debt. I got a packaged deal with my insurance agent about 2 years ago, it was my car insurance and a 10 year term life insurance ($200,000 around $16/month, car insurance is about $110/month). I got it because when I took the physical examination for it I came out at the highest possible health level (premium, or something like that). My agent said it would be good if I kept it because that way I would lock in the term price and then when the 10 year term was over I could get another term without having another physical, keeping my “premium” health coverage. Of course the price would be a bit higher, but it wouldn’t be as high because I kept the same health level. In your opinion is this a good buy? Or should I talk it over again with my agent and stop my coverage? On my Dad’s side of the family they have a history of high blood pressure and cholesterol, so I think I also thought about getting insurance at a young age when my health is at its highest point.