it

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

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