Hi, i am a 30 year old single male with no dependents. i currently have a whole life insurance policy for $45 a month. i would like to know if there is a better option for me, as this is a bit expensive for me right now. what would you recommend? term? whole? amount? thank you in advance.
If you're single with no dependents, what's your reason for having insurance? Help someone to bury you, pay off your debt, make sure you can have insurance later when you are married? Answering that question will help us better determine what you might need.
hi, i am a 30 year old single male with no dependents. i currently have a whole life insurance policy for $45 a month. i would like to know if there is a better option for me, as this is a bit expensive for me right now. what would you recommend? term? whole? amount? thank you in advance.
I can't believe people in insurance would give this advice, mine is suck it up and pay for the WL or convert to IUL. Read the book "Tax Free Retirement" you'll get a second job and put more in a policy.
I got this policy in 2001. it has "dividends" in it. Policy is for 50,000. my mom actually told me how important it is to have it, so that is why i got it back then. but i was in a different financial situation then. i have no dependents. i would just like my parents to have enough money to bury me and keep a little for themselves if anything should happen to me. thats it really...
I currently have "whole". from what i understand, whole is more expensive? do i really need to have whole? and what is the advantage of whole vs term.? what can u guys recommend for a a person such as myself?
i got this policy in 2001. it has "dividends" in it. Policy is for 50,000. my mom actually told me how important it is to have it, so that is why i got it back then. but i was in a different financial situation then. i have no dependents. i would just like my parents to have enough money to bury me and keep a little for themselves if anything should happen to me. thats it really...
I currently have "whole". from what i understand, whole is more expensive? do i really need to have whole? and what is the advantage of whole vs term.? what can u guys recommend for a a person such as myself?
How long would you like the coverage to last? How is your health? How much cash surrender value is built up in the policy? How much is the dividend? What does your agent of record suggest?
hi, i am a 30 year old single male with no dependents. i currently have a whole life insurance policy for $45 a month. i would like to know if there is a better option for me, as this is a bit expensive for me right now. what would you recommend? term? whole? amount? thank you in advance.
From the sound of it, if you can't afford the current premium, I would drop down to $25,000 and make sure you get 20-year paid up. Don't fall for the old "dividends will make your payments after 20-years BS."
Should cost you about 32 bucks if you're healthy for straight 20-year pay whole-life with cash value.
You can buy term for MUCH less but you are wanting it for burial costs which are NOT a temporary need so term is out. You could consider Guaranteed UL but it's not that much less expensive and it's MUCH more likely to have problems and not pay you a death benefit which is the whole reason to have the coverage.
As a last resort, you could drop the premium to $22 bucks a month with a LIFETIME payment. I don't advise it. That's a LONG time to make a payment on anything.
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J Scott Burke
Funeral Preplanning
Life Insurance
Medicare Supplements
Long-Term Care Insurance
Annuities
Indiana, Kentucky, Tennessee www.newburyfinancial.com
"my mom actually told me how important it is to have it, so that is why i got it back then"
Your mom was right.
You will never be able to buy it again for that price. Please make sure a temporary situation doesn't lead you to make a long term mistake that you will look back on with regrets.
$45 bucks a month is going to break you? $11.25 a week? Have you looked elsewhere in your finances to make any changes?
hi, i am a 30 year old single male with no dependents. i currently have a whole life insurance policy for $45 a month. i would like to know if there is a better option for me, as this is a bit expensive for me right now. what would you recommend? term? whole? amount? thank you in advance.
who knows what will happen in the next 30 years, but...
You can get a $100,000 any cause death coverage for $17.60 a month.
No medical exam, just a few questions.
Premiums and death benefit stay the same for 30 years
You can convert to a "final expense/whole life policy", if you need it when you turn 60 without proof of insurability.
You can get a whole lot more coverage for the same or less premium, if you will take a simple medical exam that the company pays for.
No wife, no kids, no dependents, no need for life insurance.
Having said that, I bought large term policies on my oldest daughter and son when they were in college. Neither were married, neither had kids or dependents. Why did I spend the money?
Because I knew that both would eventually marry, and both would eventually NEED life insurance and I wanted to lock in their RIGHT TO BUY life insurance at super low rates.
Both got preferred plus rates and today neither could qualify for those rates if they were buying a new policy. I look like a genius to them.
And yes, the policies I bought for them gave them guaranteed term rates for 40 years - they both have about 30 years left on those policies.
Today the 40 year deal is not something that you can get, and so if you think you are the "marrying kind", and will likely some day have kids, maybe a $500,000 30 year term policy is a nice way to guarantee that you will have that in the future if you need it.
And how much does that cost. If you are a 30 year old non-smoker in super health, how about $34 per month?
And if you die before you have that family, mom (if she is still with us), will appreciate the money.
Single Male Needs Some Advice
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