I'm 24.. is it wise to take out a 20 yr life insurance policy?

JuDyLicious · #1 (**permalink**) 10-30-2007, 12:03 AM

I'm healthy. They already quoted me $18.81 a month. The policy is for $250,000. How does this work?
Not married, no debt, no children

tinka_bravo · #2 (**permalink**) 10-30-2007, 12:10 AM

i think it is better to go for a whole of life policy. All that money you put in will be gone after 20 years.

morwood_leyland · #3 (**permalink**) 10-30-2007, 12:13 AM

The two answers are both good - you should not buy term assurance unless you have family to provide for or debts to protect your family from being liable for, or some other large liability arising on your death (such as being in a business partnership).

If you do need this protection the younger and healthier you are now the cheaper it will be - and later on you may be asked for an automatic medical.

stl_eliza_20 · #4 (**permalink**) 10-30-2007, 12:14 AM

At 24, you do not need life insurance unless you are a married homeowner or a parent.

http://www.nolo.com/article.cfm/objectId/8B3B468D-B586-4653-BCA59430C001C6D6/309/140/ART/

dragonsong · #5 (**permalink**) 10-30-2007, 12:18 AM

Are you married, do you have children, are you in debt?

If something should happen to you who would cover your funeral expenses and take care of your children?