Money Does a 21-year-old need life insurance?

23:50  17 july  2017
23:50  17 july  2017 Source:   moneysense.ca

Should I buy terrorism insurance for my next trip?

  Should I buy terrorism insurance for my next trip? What coverage is available and is it right for you?AZSEY

By taking it now, you can lock in a lower premium rate for life .

Agent Points & Profiles. Ask a Question. Does A 24 Year Old Need Life Insurance ? Asked September 14, 2013 in. 4. Jim Winkler. 21 ,750 Points.

Click here to see more personal finance questions answered.© Used with permission of / © Rogers Media Inc. 2017. Click here to see more personal finance questions answered.

Q: I am 21-years-old, studying full-time, working part-time, and I would like to know when is the “right” time to get life insurance and if I really need life insurance this young. I work in the banking services industry and I hear a lot of my customers discussing their insurance details with me and how I should get life insurance. But to be honest, I have no clue if I should get it all and if so, when should I purchase it?

Popular Searches

Sandvine Corp

SVC

This wristband could save your life

  This wristband could save your life Wrixo is a new wristband designed to store health information for emergency situations.Unlike smart wearables with built in CPUs, antennas and displays, Wrixo is a simple waterproof wristband that can use a preprinted QR code or built-in NFC chip to access important patient health information -- including medical history, prescriptions, and allergies -- that you've previously stored in an online cloud.

Qualifying for life insurance at age 21 should also be pretty easy because as stated before, most 21 year old ’s are in pretty good health. However, you need to do a thorough needs analysis to make sure your family is properly insured .

Why Do I Need Life Insurance in My 20's? How much Does Term Insurance Cost? As you can see, there is virtually no difference in cost for a 21 year old male non-smoker and a

4.35
-0.10
-2.25%
SunPower Corp

SPWR

10.37
+0.25
+2.47%
Air Canada

AC

20.08
-0.53
-2.57%
Snap-on Inc

SNA

159.02
+3.28
+2.11%

—Brenda M.

A: The main reason for buying life insurance is to protect those who are financially dependent on you in the event you pass away. If you are 21 years old and have no dependents life insurance would not be a necessity. Having said that, there are many advantages to taking life insurance at a young age.  You guarantee your insurability because life insurance rates are based on your age, gender, and health. So by taking a plan now, you can lock in at a lower premium rate for life. Here are some other reasons you may want to buy a term life insurance policy:

You have debt with a co-signer

If your parents signed off on your student loans, they’re responsible for paying off your debt if you die. That could be a huge burden for a mourning family. If you have a life insurance policy and you pass away, your family can use the policy to pay off your debt.

Battle over Star Trek fan's banned ASIMIL8 licence plate could head to court

  Battle over Star Trek fan's banned ASIMIL8 licence plate could head to court Battle over Star Trek fan's banned ASIMIL8 licence plate could head to court"Of course you could think of much bigger violations of freedom of expression than a vanity licence plate, but it's important to hold governments to account," said John Carpay, a lawyer and president of the Justice Centre for Constitutional Freedoms.

Does a 17 year old need car insurance in NJ? Young Driver and Insurance Yes, all drivers are required to carry financial responsibility. Is there a insurance company that will insure a 86 year old male with life insurance ? american continental..through Aetna.

2. Whole Life Insurance & Guaranteed Universal Life Insurance . Some 50 year olds need a more permanent answer. We do not sell whole life insurance . 3. How Much Can a 50 to 59 Year Old Expect to Pay for Life Insurance ?

You’re buying a home

Let’s say you buy a place with your partner. Now imagine one of you suddenly wasn’t there to help pay the mortgage. Buying a term life insurance policy with enough coverage to pay off the house could help your partner stay in the home.

You make a lot less (or a lot more) than your partner

Is there a big disparity in income between you and your partner?  If so, then insuring the difference in income means that if the higher income person dies, the lower earning person can maintain their standard of living while they rebuild their lives.

And finally, buying life insurance requires that you take a medical exam to determine your premiums and level of coverage. You’ll want to lock in a standard rate now in case illness is in your future: If you have a term insurance policy, there are no further medical requirements for the duration of the term. So it might be a good idea to apply now to take advantage of your good health—and better rates.

Plane passenger: Pilot didn't tell fliers of near-calamity

  Plane passenger: Pilot didn't tell fliers of near-calamity Plane passenger: Pilot didn't tell fliers of near-calamityCalifornia Insurance Commissioner Dave Jones was on the flight from Vancouver, British Columbia, returning from a conference of insurance regulators when the pilot mistakenly made his approach toward the taxiway Friday night instead of the nearby runway.

March 21 , 2017 5:34 p.m. ET. Given the long list of financial worries facing twenty -somethings, you’d think life insurance would be at the bottom of the list. Partners, children, and mortgages bolster the need for life insurance . And yes, you can definitely afford this. A 25- year - old in good health likely

source: What type of life insurance do i need if i am 50? Was this answer helpful? 48% - How much per month would a 68 year old female pay for a million dollar life insurance policy?

Ask an Insurance Expert : Leave your question for Lorne »

Lorne Marr, is the founder of LSM Insurance, an independent Canadian Life Insurance Brokerage company in Markham, Ont.

READ MORE:

  • 7 disability insurance myths to stop believing
  • 10 travel insurance myths to stop believing now
  • Is pet insurance worth it?
  • How to cut your auto insurance costs
  • 4 weird insurance policies that actually exist

Investigation: 10 TTC workers charged in alleged insurance fraud scam .
Investigation: 10 TTC workers charged in alleged insurance fraud scam

—   Share news in the SOC. Networks

Topical videos:

This is interesting!