When is it recommended to get life insurance
Why to buy life insurance in your 20's
like insurance is confusing to lots of
people and some people think it's
unnecessary especially when money is
tight but it can't be a worthwhile
expense even if you're young and single
seeing your personal finance
correspondent Sharon Epperson joins me
to explain and Sharon I got a big
question on this if I'm young and single
why would I care about life insurance
Who am I trying to take care of well
that's what a lot of people think they
think I don't own a home I don't have
any kids yet why do I need life
insurance but do you have student loan
debt that your parent co-signed with you
if you have a private figure if you have
a private student loan there's a good
chance that that will not be discharged
if anything happens to you so that
parent will be stuck with it did you
take out a small business loan and if
someone co-signed with you on that or
even if they didn't that loan still has
to be repaid even if it takes your
entire estate do you financially support
one of your parents or another relative
again it doesn't have to be your child
if there's anyone that depends on you
financially you need to consider having
life insurance okay so a lot of people
think life insurance is too expensive
especially if I'm young I don't want to
pay for any of this stuff because I'm
not even thinking that I'm ever gonna
die anyway what should they be thinking
about when it comes to the cost how much
did it cost what's a fair assessment
well one of the first things to think
about is term life insurance policy that
covers you just for a specific term
twenty thirty years and then it covers
the time that you need to pay off that
mortgage or for your kids to get out of
the house or whatever it is that's the
cheapest type of life insurance that you
can get looking at a website like policy
genius.com which lets you look at
various types of plans and what the cost
could be a 30-year old
nonsmoker a healthy woman could get a
policy for $15 a month okay that's a
great price people need to understand
though at the end of the term if you're
not dead it goes away and all the money
you've paid in has gone to exactly right
but you never know what's gonna happen
and if this addiction or worst case
scenario exact ' exactly and if
something happens and and and nothing
happens and that policy goes away you
could possibly renew it you could get
another type of policy it's gonna cost
you more though because again the
younger you are when you get this policy
the cheaper it's gonna be what's the
best way to buy what what should I be
looking out for in terms of any red
flags well you want to do as much
research as possible and there are a lot
of websites out there now that will let
you look at various quotes and even sign
up for a policy right there online so
you can look at web
like policy genius look at websites like
fabric there are many out there - just
check out but what you want to be
careful about is the rating you want to
make sure that that it sure lets you
pick is gonna be around for a long time
and so make sure you look at the ratings
make sure you look at the firm's track
record that it's been an insurer that's
been in business for a while so you know
they know what they're doing but also
look for complaints you know
everything's not smooth sailing there
may be some complaints against this
company check those out too to see if
it's a come and ensure that you want to
be working with and if you want to talk
to real person talk to an independent
insurance agent to find out whether or
not this is the right kind of plan for
you based on your where you are in your
life
you
you
