I just had a little boy, and my girlfriend and I need life insurance, can you help me find a good deal? I live in Texas, San Antonio, I am 19 and she is 19 years and we're both non-smokers in good health, we are studying full-time college, we have very limited income, and even more our little boy! Am really stressful for him and I needed a cover of about 15 or 10 years in the coverage term, I want to be a more secure future if something happens to me or his mother. We are not yet married and decided that it was very important for our baby. Please help us find a life insurance inexpensive term that is at least 150,000 or more.
I agree with an offer .... earlier at your age .... until you have major assets, such as internal payment, car payments, etc. .. you do not have a huge need for life insurance.
The chances of dying now at the age of 19 years are very very remote .... put your money in 6 or 7 years, to reconsider what you've accumulated, then think about life insurance.
Currently, you must save as much as you can for your child's college education. You'll need more than $ 50,000 in the next 18 years to pay for it.
That's about $ 2,500 per year, assuming yields are very low on your savings.
Get what you would put in a useless term insurance now and put as much as you can into a 529.
By failing to buy insurance now, maybe you can get a head start on college savings and good will not have to sacrifice that much later.
Hello, your friendly insurance guy here again. :)
Contact MassMutual and ask questions about their program Lifebridge (free 10-year term $ 50,000 for an adult in a household if eligibility is met). This can help you get started.
SBLI has very competitive rates in the long run, check for the difference.
Regarding those who said they did not purchase insurance - I'm usually not this blunt, but I must say that you should ignore them. The reasons they gave is that you "are not likely to die." They are correct, but it means you have insurance at low cost, this is not a reason to ignore the hold. The sole purpose of obtaining the insurance is to protect your girlfriend and her child if you die even if unlikely.
If these other posters who recommend skipping they are willing to pay your girlfriend at 150, 000 worth of pocket if, for example, a drunk driver hits and kills you tonight, they should stop saying you do not get the insurance while you have a newborn.
In addition, another poster mentioned whole life as a scam. " This is not a scam. It's just not in your situation because of their high cost. His recommendation for a renewable and convertible policy is inconsistent with logic. Renewable means that it can be renewed without further medical tests. Convertable means it can be converted to lifetime, suggesting that it is a scam. If she is so sure it's a scam, it should not suggest you get a renewable and convertible policy. It should be suggesting you get a renewable and non-cancellable policy if the insurance company may cancel on you.
For the general readership - please stop telling all the new parents to forego obtaining insurance. God forbid one of them to listen to that advice and then dies. It would be a tragedy. Have them take a cheap insurance if that is your preference, but if they understand the need to protect the future of their baby, for Pete's sake do not discourage them.
Life insurance is not something to buy when you plan to die. No company you sell when you know you will die. This is something to buy to protect your family about your UN should premature death. So yes, encourage them to save for college and do all the things other smart people can do with money. Just do not tell them to leave their families.
Posted on March 2, 2010.
